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Business performanceLatest NewsEconomics, government & businessPay & benefitsPensions

BT pension deficit grows to £5.8bn

by Nick Golding 30 Jul 2009
by Nick Golding 30 Jul 2009

Telecoms giant BT has revealed that its pension fund deficit has grown by £3bn during the first quarter of the year, according to a report in The Times.

BT said that the deficit is now £5.8bn, compared to £2.9bn in March, despite the fact that the value of shares and other investments held by the fund has increased.

The slump resulted from BT having to adjust for a higher inflation rate of 3.25 per cent (instead of 2.9 per cent) and a lower discount rate, which is the figure used to calculate the scheme’s liabilities, the paper said.

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The deficit emerged as BT announced that profits in the three months to June had fallen by 45% to £272m.

In May, the company announced 15,000 job cuts after two profit warnings at BT Global Services, which provides telephone and IT services to large organisations.

BT
Nick Golding

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