PRESS: BT pension scheme takes £300 million hit on Thames Water - FT
BT Group PLC’s pension scheme lost £300 million after writing off its stake in Thames Water, the Financial Times reported on Wednesday.
According to the FT, the loss stemmed from the pension fund’s decision to write off its 8.7% stake in Thames Water’s parent company, Kemble Water, in 2024 as the utility’s financial crisis deepened.
The FT reported that the loss was disclosed to analysts during a meeting on Monday ahead of the triennial valuation of BT’s pension scheme, which is due next week. The valuation will determine the level of contributions BT must make over the next three years to support pension payments.
The newspaper said BT also told analysts that the pension scheme had sold part of its debt holding in Thames Water, although no details were provided.
The £33.2 billion pension scheme is one of the UK’s largest private-sector pension funds and pays around £2.9 billion in benefits annually to about 213,000 retirees, the FT noted.
According to the report, the write-off is unlikely to affect BT’s upcoming pension deficit funding requirements.
Shares in BT were down 0.9% at 195.12 pence in London on Wednesday morning.
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