BT shares tumble as trustees back pension-deficit plan

BT shares fell sharply today after the telecoms group revealed the “substantial concerns” of the UK pensions watchdog over a deal to plug its record £9bn (€10.2bn) pension scheme black hole.

BT said it had won the support of pension trustees for a 17-year plan to tackle the massive deficit, which will see it pump in £525m (€601m) a year for three years, rising to £583m (€667m) in the fourth year and then grow at a rate of 3% annually after that.