Almost a quarter of the BMA’s investments have been wiped out in the downturn, contributing to a total decrease in the association’s net assets of almost £52m.
The union’s annual accounts show unprecedented losses, which the association blamed on ‘extreme financial turmoil’.
The value of the association’s investment portfolio fell £28m and the net pension deficit increased by £28.3m, while the value of all other net assets increased by nearly £5m over the year. The treasurer reported a consolidated net deficit of £9.7m - and a decrease in the value of the association’s net assets of nearly £52m.
The figures come as the association revealed it would be recommending an across-the-board subscription rate rise of 2%, although a BMA spokesperson said this was unrelated to the investment losses.
Read more at Pulse.
Tags: Fees
