PWC raises partner pay and lowers DB deficit

PricewaterhouseCoopers (PWC) increased its profit for partners from £679,000 in 2012 to £705,000 for the year ended 30 June 2013.

The PwC UK Annual report 2013, which was published on 9 September, also disclosed that staff bonuses increased by 4% to £87 million.

It also reported that the professional services firm’s defined benefit (DB) pension deficit stands at £33 million, compared with £79 million in 2012.

The decrease primarily reflects an increase in the discount rate used to value liabilities, together with asset returns in the period.

The next actuarial review for funding purposes will be 31 March 2014.

Ian Powell, chairman and senior partner at PWC, said: “PWC is optimistic about the economic outlook and we now expect the UK economy to grow by 1.3% this year followed by 2.3% growth in 2014.

“Though this may not be strong growth by comparison with pre-financial crisis trends, we believe it reflects a ‘new normal’ for growth affecting all western economies.”