03 November 2008
British Telecom (BT) is considering changes to its final salary
pension scheme, which include raising the retirement age from 60 to
65, increasing staff payments and basing benefits on a career
average salary as opposed to a final year's salary.
The telecoms group has the largest private-sector guaranteed
fund in Britain, valued at £35bn, although it closed to new
members in 2001. BT claims that the proposals are unrelated to
recent falls in its share price and insists that talks have been
ongoing since May.
