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General

BT cuts pension fund contribution

Sunday 1 February 2015 | 10:55 CET | News
BT and the trustee of the BT Pension Scheme (BTPS), chaired by Paul Spencer, have reached a 5-year extension agreement on the 2014 triennial funding valuation and recovery plan based on a 2011 agreement. BT has also discussed details of the potential acquisition of EE with the trustee. The funding deficit was GBP 7 billion at the end of June 2014. A 16 year recovery plan has been agreed reflecting BT's long-term and sustainable cash flow generation. Over the next 3 years payments will total GBP 2 billion.

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Categories: General
Companies: BT / EE
Countries: United Kingdom
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