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.

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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