BBC Pension Deficit Spirals
13 August 2012 (PLANSPONSOREurope.com) – The BBC’s pension deficit has increased from £1.4bn to £2.6bn.
In issuing its 2012 summary report Trustees attribute the increase to lower expectations of future investment returns as a result of the fall in real gilt yields, which has impacted all Defined Benefit schemes during the period.
Chairman of the Trustees, Bill Matthews said: "The Trustees are committed to ensuring the Scheme remains secure and have confidence in the BBC's continued ability to pay extra contributions over what may turn out to be a longer period than expected.
"We are proactively managing the Scheme's risks: there is already a plan in place to make good the deficit found at the full valuation at April 2010, and we will continue to monitor the position. We are discussing the options for reducing the deficit with the BBC, if funding has not improved by the time of the next full valuation at April 2013."