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.

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

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