BBC pension fund is £1bn short

The
BBC’s pension scheme has a £1bn deficit when calculated using tough new
accounting standards.

The
broadcasting company has admitted to a pension fund shortfall of £1.07bn under
the new standards, known as FRS17.

But
the BBC said the situation was not as bad as it seemed, and that payouts would
not be affected.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

Email(Required)

OptOut

From time to time, we will send you emails about selected products, events and services from Personnel Today and OHW+ - but you can choose to opt-out at any time. If you do not wish to receive these emails, please tick this box.

Phone

This field is for validation purposes and should be left unchanged.

Δ

It
said the deficit was calculated at the end of March when stock markets were
weak. Had it been calculated at the beginning of June, taking into account
strong share-price rallies over the past three months, the figure would have
shown an improvement of about £245m.

By
Quentin Reade