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December 18, 2006

BT pension hole grows to $6.6bn

BT Group Plc has calculated that the hole in its pension fund is far higher than previously expected at 3.4bn pounds ($6.6bn), and it will need to make annual payments of 280m pounds ($547m) for 10 years to make the scheme fully funded.

By CBR Staff Writer

To kick-start the process, it is to make an advance payment of 840m pounds ($1.6bn) for three years’ instalments.

The increase in the size of the problem is the result of more conservative calculations, taking into account the fact that people are living longer. BT is still talking to the UK government about the extent to which it still guarantees the scheme, stemming back to its privatization.

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