UK - The BBC has agreed an 11-year repayment plan with the scheme trustees to address its £1.1bn ($1.7bn) deficit.
Under the terms of the agreement the BBC will undertake a schedule of contributions to the scheme of £110m this year, followed by a payment of £60m in 2012 and 2013, £100m for the next three years and £75m for the following five years.
In an email to BBC staff yesterday, director general Mark Thompson (pictured) said: "I believe this repayment plan is fair to both pension scheme members and to the licence fee payer."
BBC Pension Scheme Trustees chairman Jeremy Peat emailed all members to announce that the 2010 pension valuation had been finalised and the scheme deficit had been formally initially assessed at £1.6bn as at April 2010.
However, Peat said that changes to the scheme agreed with unions late last year have reduced the expected future liabilities, so the agreed valuation gives £500m of ‘credit' making the deficit £1.1bn, not £1.6bn.
Thompson added: "This remains a substantial sum, but the effect of the reforms is that half a billion pounds which would otherwise have had to be paid into the pension fund to reduce the deficit can instead be used on programmes and services for the public. Without the reforms, many hundreds of BBC jobs would have been lost."
Existing members of BBC's DB scheme have three options: remain in the scheme with a 1% limit on future pensionable salary increases from April 2011; join the new career average benefits arrangement, CAB2011, between April 2011 and December 2011; or join LifePlan, the new defined contribution plan, at any point in the future.
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