Financial Services Authority, London, Britain’s securities regulator, may close its £148 million ($229 million) pension plan because of a £31.5 million deficit and the possible implementation of the new British accounting standard FRS 17, which would increase the amount of the shortfall.
"We have initiated a staff consultation process and we are considering various options in how to deal with the deficit … one of which would be closing the scheme, which is also being considered by thousands of other companies,” said Robin Gordon-Walker, authority spokesman. Other options including introducing a hybrid scheme or simply increasing contributions.
