CarolannBadger902

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m (Created page with "BT says it will pay �2bn into its pension fund to help cover the scheme's deficit. It is one of the biggest one-off payments yet made by a company into a pension fund. The pa...")
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BT says it will pay �2bn into its pension fund to help cover the scheme's deficit.
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It is one of the biggest one-off payments yet made by a company into a pension fund.
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The payment is part of a nine year plan to bolster the scheme, which at the last valuation in June had a deficit of �4.1bn.
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Supporting the pension fund has dragged down BT's performance. Back in 2008, the fund had a deficit of �9bn.
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Under the latest plan, BT will make nine further annual payments of �325m.
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BT's pension fund has 330,000 members, making it one of the biggest private sector schemes in the country.
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"This agreement, under which the company makes an immediate contribution to the scheme of almost half of the deficit, reflects BT's financial strength and re-affirms our commitment to the scheme," said chief executive Ian Livingston.
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BT, Royal Mail and Trinity Mirror - there is quite a lot going on in the fraught world of final salary pensions. �
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"BT's long-term sustainable cash generation has improved significantly since the 2008 valuation and we remain focussed on improving BT's financial strength, investing in our future and enhancing shareholder returns."
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Latest revision as of 15:56, 23 March 2012

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