BT Pension Scheme

Paul Traynor says UK schemes can learn a lot from the overseas experience of scheme consolidation

The Department for Culture, Media and Sport (DCMS) has confirmed Openreach employees in the BT Pension Scheme (BTPS) will have their pensions underwritten by the government.

Members of the BT Pension Scheme (BTPS) will have their defined benefit (DB) pensions protected following the separation of the Openreach business.

The funding deficit in the BT pension scheme has grown by almost £3bn according to the latest summary funding statement.

Historically UK pension funds have been behind the curve when it comes to integrating ESG issues into investment decision making. However, Lynn Strongin-Dodds believes this is changing.

Bulk annuity business in 2016 will outstrip last year's levels despite a slow start due to the introduction of Solvency II, according to Willis Towers Watson.

Some of UK's largest pension schemes and fund managers have called on Anglo American, Glencore and Rio Tinto to be more transparent over climate change risks.

Paul Spencer, who chairs the trustee board of the BT pension scheme, is to relinquish his role as chairman of the Hermes Investment Management board later this year.

BT Pension Scheme (BTPS) has pulled its inflation-linked bond mandate from Hermes Investment Management, cutting assets under management (AUM) at the business - which it still owns - by more than a quarter.

Schemes should focus on increasing contributions rather than squeezing costs if they want to improve member outcomes, according to BT's head of pensions.