Financial regulator’s pension deficit grows by £2m. in two years

Saturday 17th September 2011, 2:29PM BST.

GFSC director-general Nik van Leuven.

THE financial services’ regulator’s pension deficit has effectively increased by around £2m. in the past two years – even though the defined benefit scheme is closed to new entrants.

The Guernsey Financial Services Commission set up a defined contribution scheme in 2008 after shutting its part of the States’ public sector pension scheme to new employees.

Yet, between 2008 and 2010 the deficit grew from £3.5m. to £4.5m., not counting a £1m. lump sum the commission paid in to plug the gap in 2009.

By contrast, its total liability – the defined benefit obligation – jumped dramatically from £11.9m. to £19.3m.

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1
pbfalla

September 19, 2011 at 2:57 pm

The irony of this eport is deafening

The very people who try to enforce out dated laws cant keep their own house in order,may i suggest

ANOTHER GUERNSEY SHAMBLES

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2
Martino

September 19, 2011 at 5:13 pm

You’re right this time pbf. Guernsey taxpayers’ money should NOT be used to bail out this unsustainable platinum plated pension pot for the island’s extremely well paid financial regulators. If there is a shortfall these wealthy pensioners should sustain it, not all the rest of us less well off island residents.

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3
Scarlett

September 20, 2011 at 9:31 am

…meanwhile, in the real world, the people who are propping this up are screaming for social housing we haven’t got as they can’t afford a home.

Genius.

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