Pensions Gap Slams Top British Charities
February 16, 2010 | Read Time: 1 minute
Britain’s biggest charities face a collective $1.6-billion pension deficit and could end up using a tenth of their donation revenue to make up the gap, the Guardian reports.
The shortfall has jumped from about $780-million last July, according to a survey of top fund-raising organizations by the actuarial-services firm Alexander Forbes, thanks largely to investment losses and sharp drops in donations.
Some of the best-known British groups are among the hardest hit, including Oxfam and Save the Children. The deficit has prompted large charities to curb their pension matches and raise employee contributions, sparking outrage from unions that represent nonprofit workers.
