A number of members have contacted the union over the past couple of weeks, alarmed by media reports that the BT Pension Scheme was engaged in the misuse of assets held in the scheme. These reports appeared to be based on rumour and innuendo rather than fact, but nevertheless have perturbed those BTPS members who may have read them.
In order to allay any fears members may have on this matter the union has contacted the BTPS trustees for their view. They consider the articles that have appeared in the press to be scurrilous. Indeed, the trustees have assured us that they were fully consulted in detail on proposals by the scheme to use something known as Asset Based Funding (ABF) as part of the BTPS deficit recovery plan. Furthermore, the proposals were fully disclosed to the Pensions Regulator who in turn has not indicated that there are any issues with recovery plan.
Finally, the union has also received assurances from the BTPS Chief Executive Morten Nilsson that the Pensions Regulator is satisfied with the approach being taken by the scheme.