The company is allowed to stop making payments if actuaries put the plan funding level at above 115%, a BBC news report said. According to the plan’s latest actuarial valuation, the fund’s assets were £14.7billion in September 2007, compared to liabilities of £10.8 billion.
The BBC said the vast majority of the plan’s 12,000 active members do not pay towards their pension, although it is possible to contribute a percentage of salary in return for enhanced benefits.
BP vowed that if the actuary’s next report shows a funding level below the 115% threshold, it will resume making contributions in 2009.
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