The Law Society faces the prospect of having to hike the cost of the practising certificate to meet a £35m shortfall in its own pension scheme, it has emerged.
Accounts due to be approved today (22 May) by the Law Society council shows its pension fund has total liabilities of £93.2m, against a market value at the end of December of £57.7m. The size of the deficit means the Law Society will almost certainly have to hike its contributions to maintain solvency in the final salary scheme, which is open to all Law Society staff.
