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Pension penalty.

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New international pension accounting rules will deter companies from funding their pension schemes prudently, according to investment experts at Hymans Robertson. They warn that from 2008 changes introduced to IAS19 by IFRIC14 will punish employers with prudent plans to invest their pension funds with a big hit on their balance sheets, while companies that are slower to tackle deficits will be unaffected.

"If a company chooses to fund its scheme to a higher level than required under IAS19, the tougher funding terms effectively override IAS19. This could have a major impact on the balance sheet," said Patrick Bloomfield, partner and actuary at Hymans Robertson. "That boils down to accounting complexities...

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