RBS may have to plug £5.6bn pensions deficit if Scotland votes Yes

clock

Royal Bank of Scotland could be forced to plug a £5.6bn deficit in its pensions scheme if Scotland votes Yes on Thursday.

Analysis from Credit Suisse shows Britain's biggest companies would be left with a combined pensions funding deficit of about £100bn. They include Lloyds, which has a pensions deficit of £659m, and BP, which had a £1.3bn deficit at the last count in 2011. One pensions expert warned that some companies may have to go cap in hand to shareholders to raise the money, according to the Daily Mail. They said: "This would be an absolute disaster. Most of the big companies have billions of pounds of deficit - so they might have to split the scheme in two, one for Scotland and one for the UK...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Financial literacy shortfalls putting savings at 'risk'

Financial literacy shortfalls putting savings at 'risk'

Industry urged to build engagement with savers so they do not make wrong decisions

Holly Roach
clock 13 March 2025 • 2 min read
FOS upholds complaint against Options Pensions over SIPP due diligence failure

FOS upholds complaint against Options Pensions over SIPP due diligence failure

Investment in unregulated Spanish business

Isabel Baxter
clock 04 February 2025 • 2 min read
FOS favours Pathlines Pensions SIPP clients in first post-rebrand cases

FOS favours Pathlines Pensions SIPP clients in first post-rebrand cases

SIPP operator failed to carry out due diligence, FOS finds

Jen Frost
clock 17 January 2025 • 2 min read