Business Services Industry
British Telecommunications Firm's Pension Fund Faces Black Hole.
Knight Ridder/Tribune Business News, February, 2003
By Nick Goodway, Evening Standard, London Knight Ridder/Tribune Business News
Feb. 13--BT Group admitted today that its pension funds face a potential deficit of more than UKpound 1.5 billion -- nearly 10 times the shortfall it had just three years ago.
The company becomes the latest and largest major UK firm to be hit by new accounting rules that demand a snapshot of the pension position, and by tumbling share values on the world's equity markets.
Drugs giant GlaxoSmithKline yesterday reported a deficit of UKpound 1.3 billion and revealed that it had had to inject UKpound 320 million into its fund at the end of last year.
BT, led by Ben Verwaayen, said that it was still completing its triennial valuation but that preliminary...
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