BT to pay-off pension deficit within 10 years

Telecoms titan BT is to make a lump sum payment worth nearly half the amount of its pension deficit before the end of the month, followed by further smaller amounts that will see the shortfall eliminated within 10 years.

Telecoms titan BT is to make a lump sum payment worth nearly half the amount of its pension deficit before the end of the month, followed by further smaller amounts that will see the shortfall eliminated within 10 years.

The company announced on Friday morning that it had reached agreement with the trustee of the BT pension scheme that the funding deficit was £4.1bn at June 30th 2011, well down from the £9bn valuation recorded at December 31st 2008.

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