By Venilia Amorim2021-05-13T15:59:00+01:00
The BT Pension Scheme (BTPS) has published a plan to plug its £7.98bn (€9.3bn) deficit over the next 10 years, following its latest triennial valuation as of 30 June 2020.
The plan sponsor, BT, and the scheme’s trustees had agreed on a “pension valuation that provides an enduring solution for BT and the BTPS, enabling BT’s transformation and investment programmes and helping to protect the BTPS as it progresses towards a low risk long term investment strategy”, the scheme said.
The deficit repair plan was set in two parts:
£2bn of deficit to be met through an asset-backed funding (ABF) arrangement over 13 years with annual cash payments of £180m pa, secured against BT’s EE business;