US - US communications giant Crown Castle International has pledged to plug the scheme deficit at its UK subsidiary which is being sold to National Grid Transco.
The pledge follows talks with broadcasting union BECTU which urged the US firm to use some of the profits from the sale to clear the £16.5m deficit.
BECTU pointed out that the £1.13bn NGT is paying for the business is more than four times the £233m Crown Castle paid when it bought the transmitter business from the BBC in 1997.
BECTU national official Willie Leslie said Crown Castle has made a considerable profit on the sale and the union’s objective was “to get them to use that money to make good on the deficit”.
He said the scheme would now remain open but would be run on a career average rather than final salary basis.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point