BT to tackle £7bn pension deficit

BT has revealed that its pension deficit has swollen to £7bn as it agreed a 16-year recovery plan that will include £2bn in payments over the next three years.

The deficit for the scheme, which has 300,000 members – around 40,000 of them current employees – has grown from £3.9bn in 2011. BT said it reflected the low interest environment.