BT pension scheme takes £11bn hit following mini-Budget
The giant BT pension fund took an £11bn hit as its investments were shaken by market turmoil triggered by the government’s “mini” Budget.
The former monopoly’s defined benefit pension scheme, one of the largest in the country, revealed on Tuesday that “significant market volatility in the second half of September” caused the scheme’s assets to fall by around £11bn between September 23 and 28.
At the end of June, BTPS’s net assets stood at £47bn, suggesting they fell by more than a fifth to £36bn. BT Group did not have to provide any cash to cover the fall in value of the scheme’s assets.
Following the year-end, there was another significant fall in the value of the scheme’s assets, during a period of significant market volatility in the second half of September, BTPS said.
This story originally appeared on: Financial Times - Author:Anna Gross
