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BT reduces pension funding deficit to £3.7 billion

British telecoms group BT said on Tuesday its pension funding deficit had been valued at 3.7 billion pounds ($4.6 billion), down from 8 billion pounds in 2020, and its annual contribution amounts would remain unchanged.

Under the plan BT will pay 600 million pounds in each financial year until 2030, plus 180 million pounds under an asset-backed funding arrangement.

Otto Thoresen, chairman of the BT Pension Scheme, one of the biggest in the country, said it remained on course to be fully funded by 2030, due to a framework that was agreed in 2020.

“The BTPS continues to be on track to fulfil its commitments to members, despite high levels of macroeconomic volatility and uncertainty,” he said in a statement.
“Our deficit is reducing, funding levels have improved and we remain on course to be fully funded by 2030.” Reuters

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