Law Society faces £65m bill to fund pension deficit

THE LAW Society must plough at least £40m into its closed final salary pension scheme in a bid to reduce its massive deficit.

The society, which is funded almost entirely by fees collected from solicitors, has paid £67m into the scheme since 2005 but trustees have indicated that a further £40m is required to account for the £71.8m defecit.

Law Society chief executive Des Hudson said: “The demand is said to be informal as it has not yet been agreed where and how the payments will be made.

“Also, we expect that what needs to be paid in will be substantially higher – around £60m to £65m.

“We want to make sure the scheme is properly funded and to do that we need to strike the right balance for what is right for the pension members and the interests of the people who in fact foot the bill – solicitors.”