BT has today published details of an agreement with the Trustee on the approach to the 2011 triennial funding valuation.
The key points are as follows:
- The valuation has provisionally valued the assets at £36.7bn and the liabilities at £40.8bn.
- The funding deficit as at 30 June 2011 has been provisionally agreed at £4.1bn. This compares with £9.0bn in the previous valuation.
- BT has agreed to make a lump sum deficit payment of £2.0bn in March 2012, followed by nine annual deficit payments of £325m from March 2013 to March 2021. The deficit recovery plan is now based on 10 years to 2021, instead of the 17 years previously agreed.
- The valuation date has moved from December to June to align it to BT’s financial planning and reporting cycle.
- The final certification of the valuation results is expected in May 2012.
The CWU welcomes the agreement between BT and the Trustee, which clearly demonstrates BT’s continued commitment to the BTPS.