07 July 2009
Members of the BBC pension scheme have been warned that the
scheme assets have fallen by £1.67bn to £8.1bn due to plunging
stock markets around the world and the BBC will have to reduce its
programme budgets in order to plug an estimated £2bn pension scheme
shortfall.
In a statement, the BBC said: "The BBC pension scheme, like many
other schemes, has not been immune from the turbulence that has
affected markets around the world. The scheme has a positive cash
flow and its investments are long term in nature so it does not
need to sell equities at depressed prices to fund payment of
pensions. The BBC's covenant and support for the scheme remains
strong. The BBC pension scheme has contingency plans in place to
ensure it can respond to developments promptly and the trustees
continue to monitor the position closely."
