BT considering closing defined-benefit pensions scheme for existing staff
BT is considering closing its defined-benefit pension scheme, the latest former state-owned business to close – or move to close – so-called “gold-plated” retirement plans for existing employees.
It comes as the telecoms group prepares to enter negotiations with pension trustees about the future funding of the scheme from next month.
It follows a similar, but more advanced, proposal by the recently privatised Royal Mail Group, where plans to shut its defined-benefit pension scheme to existing workers next year has resulted in threats of strike action.
A BT spokesman said it would be inappropriate to comment on the details of its forthcoming pension review, but added: “We are starting discussions with the trustee of the BT pension scheme about the triennial valuation.
“We don’t expect this process to be completed until the first half of 2018 at the very earliest.”
Full Content: The Guardian
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