{"id":36303,"date":"2023-11-14T08:26:36","date_gmt":"2023-11-14T08:26:36","guid":{"rendered":"https:\/\/www.ispreview.co.uk\/?p=36303"},"modified":"2023-11-14T08:28:53","modified_gmt":"2023-11-14T08:28:53","slug":"bts-triennial-pension-evaluation-sees-funding-deficit-fall-to-3-7bn","status":"publish","type":"post","link":"https:\/\/www.ispreview.co.uk\/index.php\/2023\/11\/bts-triennial-pension-evaluation-sees-funding-deficit-fall-to-3-7bn.html","title":{"rendered":"BT’s Triennial Pension Evaluation Sees Funding Deficit Fall to \u00a33.7bn"},"content":{"rendered":"

BT<\/a> Group has today published their triennial Pension Scheme (BTPS) valuation – one of the UK’s largest private sector pension schemes with c.270,000 members and \u00a347bn of assets under management, which shows progress on their recovery plan and the funding deficit falling from \u00a37.98bn in 2020 to \u00a33.7bn now.<\/p>\n

The broadband ISP, media and telecoms giant has spent years trying to bring their BTPS under control and aims for it to become self-sufficient by 2034, although it faced some unexpected pressures last year after the Government’s chaotic mini-budget forced many pension fund managers to tighten hedging strategies.<\/p>\n

At the time, the BTPS fund managers warned the government that “the scheme does need to achieve a certain level of investment return to achieve its 2034 funding targets and if expected returns fall below this level then the scheme may need more support from BT<\/a> in future valuations than previously anticipated<\/em>.”<\/p>\n

The latest triennial BTPS funding valuation and the recovery plan, which reflects data to 30th June 2023, reveals that the scheme’s funding deficit is now \u00a33.70bn, down from \u00a37.98bn at the 2020 funding valuation and following \u00a34.36bn of deficit contributions. Annual contribution amounts remain unchanged, at \u00a3600m in each financial year until 31st March 2030, and a final payment of \u00a3490m before April 2030.<\/p>\n

In addition, BT<\/a> said they would continue to make payments of \u00a3180m each year under the asset-backed funding arrangement agreed at the 2020 valuation and will continue to “de-risk its investment strategy<\/em>” through to 2034. The scheme is currently “on track<\/em>” to be fully funded by 2030.<\/p>\n

BT Group has agreed to continue to provide the BTPS with legal protections to 2035 as part of a long-term funding framework. The changes made to contractual protections for the BTPS at this valuation were said to be “consistent with our statutory obligations<\/em>” under the Pension Schemes Act 2021. BT added that the amendments agreed to the BTPS\u2019s existing stabiliser mechanism “provide greater certainty that BTPS will achieve full funding and increase the likelihood of a future refund to BT Group<\/em>.”<\/p>\n

Simon Lowth, BT Group Chief Financial Officer, said:<\/strong><\/p>\n

\u201cI am pleased that the BTPS continues to deliver in line with the long-term plan, despite the uncertainty and headwinds observed since 2020. Building on the framework agreed at the 2020 valuation allowed for a swift conclusion of the 2023 valuation.<\/p>\n

The agreement allows us to deliver on our strategic initiatives such as investing in our networks and transforming our business. And it is consistent with our funding priorities of investing in value enhancing opportunities, supporting our pension funds, paying progressive dividends and maintaining a strong balance sheet.\u201d<\/p><\/blockquote>\n

Summary of the BTPS Funding Position<\/strong><\/span><\/p>\n\n\n\n\n\n\n\n
 <\/td>\nJune 2020<\/strong><\/td>\nJune 2023<\/strong><\/td>\n<\/tr>\n
Assets (\u00a3bn)<\/td>\n57.32<\/td>\n37.22<\/td>\n<\/tr>\n
Liabilities (\u00a3bn)<\/td>\n(65.30)<\/td>\n(40.92)<\/td>\n<\/tr>\n
Deficit (\u00a3bn)<\/td>\n(7.98)<\/td>\n(3.70)<\/td>\n<\/tr>\n
Funding level<\/td>\n88%<\/td>\n91%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Real discount rate<\/td>\n(1.7)%<\/td>\n1.6%<\/td>\n<\/tr>\n
Average RPI inflation<\/td>\n3.1%<\/td>\n3.6%<\/td>\n<\/tr>\n
Average CPI inflation<\/td>\n2.4%<\/td>\n3.2%1<\/sup><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

1<\/sup> Assumed to be 1% below RPI until 28 February 2030 and in line with RPI thereafter.<\/p>\n","protected":false},"excerpt":{"rendered":"

BT Group has today published their triennial Pension Scheme (BTPS) valuation – one of the UK’s largest private sector pension schemes with c.270,000 members and \u00a347bn of assets under management, which shows progress on their recovery plan and the funding deficit falling from \u00a37.98bn in 2020 to \u00a33.7bn now.<\/p>\n","protected":false},"author":1,"featured_media":29894,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[474,472,38],"class_list":["post-36303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk_isp_news","tag-bt","tag-business","tag-politics"],"share_on_mastodon":{"url":"https:\/\/mastodon.social\/@ispreview\/111407955848512085","error":""},"yoast_head":"\nBT's Triennial Pension Evaluation Sees Funding Deficit Fall to \u00a33.7bn - ISPreview UK<\/title>\n<meta name=\"description\" content=\"BT Group has today published their triennial Pension Scheme (BTPS) valuation - 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