BT Group PLC will increase its contributions to the BT Pension Scheme, London, to £525 million ($799 million) for each of the next three years, the company said today.
The company paid in £280 million each of the past three years, based on the last triennial funding valuation in December 2005.
The scheme’s assets were £29.3 billion as of March 31, down 14.8% from £34.4 billion a year earlier.
The new contribution, which represents an 87.5% increase, is based on a new triennial funding valuation. However, the U.K. Pensions Regulator is reviewing the valuation and its assumptions, and asked that the results of the valuation not be released before officials are able to meet with the company and fund trustees, said BT spokesman Dan Thomas.
Separately, Royal Mail Holdings PLC contributed £823 million to the £23.7 billion Royal Mail Pension Plan, London, for the year ended March 31.
Contributions were about on par with contributions made the previous year.
The plan’s deficit more than doubled to £6.8 billion from £2.9 billion in the previous year.
A bill working through Parliament would partially privatize the postal service and allow the U.K. government to assume responsibility for the plan.
