(My Original Blog Post: http://ping.fm/hkN7L)
The Pensions regulator seems to be at loggerheads with the Trustees of one of the UK’s largest pension schemes.
It has been revealed that the BT Pension scheme has a deficit of over £9billion as at December 2008. The regulator has raised concerns about certain aspects of the plan to reduce the deficit.
The trustees of the scheme have agreed a 17 year plan to improve the current underfunding of the scheme. They have also agreed to pay an additional £500 million a year into the pension arrangement
The scheme is the largest final salary pension scheme in the UK.
BT joins British Airways in a disagreement with the Pensions Regulator over the cost of its pension obligations. BT’s pension liabilities dwarf the company’s £10.1bn market capitalisation.
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