BT and the trustee of its pension scheme have agreed to contributions totalling £12.3bn over 13 years to plug its actuarial funding deficit.
The BT Pension Scheme (BTPS) is to sell two-thirds of its interest in Hermes Fund Managers, the investment company it founded 35 years ago, to American asset manager Federated Investors for £246m.
Liz Airey has been appointed non-executive chairwoman of the Rolls-Royce UK Pension Fund, as Paul Spencer is set to retire at the end of December after nine years.
A £250m contingent payment, due to be paid in 2019, was created for Airways Pension Scheme (APS) trustees to use however they wanted, according to its former chairman.
Member-nominated trustees (MNTs) of the Airways Pension Scheme (APS) became more flexible and mature as time progressed, a fellow trustee has called.
The High Court has heard the Airways Pension Scheme (APS) trustees were entitled to include the value of recovery plan payments when deciding whether to pay discretionary increases.
It was not legally risky for the Airways Pension Scheme (APS) trustees to unilaterally amend the trust deed to give themselves a discretionary increase power, ex-adviser Anthony Arter has said.
Paul Spencer, who chairs the trustee board of the BT pension scheme, is to relinquish his role as chairman of the Hermes Investment Management board later this year.