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Major UK charities are feeling the pinch of pension liabilities (charitiesdirect.com)
26 October 2010
New research from Charityfinancials.com has revealed that of the top 5,000 UK charities, 522 have a pension liability totalling £1.66bn.
Taken from Charitiesdirect.com. Click here to read the article in full.
FRP Advisory comments:
"An insightful article. To re-emphasize the risks of the ‘financial time bomb’, we have recently advised a leading charity about its pension deficit. In this work, although ultimately the charity could not avoid insolvency, a number of alternatives to insolvency were considered. Whilst these alternatives were inappropriate for restructing the charity we were advising, they represent realistic solutions for any charity with a pension deficit that threatens to render it insolvent. There are solutions to this all too common issue that allow a charity to avoid an insolvency process; however a key factor in any successful outcome is recognition of the issue and seeking restructuring advice in a timely manner."
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