BT still has a big pension problem

Quick Summary:

BT’s latest actuarial valuation — June 2023 — showed a £3.7bn deficit, and fixed annual deficit contributions at £780mn until 2030, £670mn in 2031, and £180mn from 2032 to 2034.

Plus, the Regulator has also just introduced a new “Long Term Objective” for mature schemes like BT’s (where over three-quarters of members are already pensioners), requiring liabilities to be measured assuming a low-risk asset allocation, so “low dependency” on the sponsor.

This is recognised as a £1.2bn asset in the BT pension scheme accounts, but not in BT’s consolidated accounts.

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Article Details

Author / Journalist: John Ralfe

Category: MarketsFinanceInvesting

Markets: United States

Topics: Bt’s Assets Deficit Liabilities Pension Cent Pensions Accounts Scheme 2024 Market

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-22 @ 13:16:03 (12 hours ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 1042 words

Reading Time: 6 minutes read

Sentences: 15 lines

Sentence Length: 70 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 22209517

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