Management at BT (BT.A) has another challenge to add to its list. The telecoms giant began its triennial review of its defined-benefit pension scheme this week, as it tries to plug a £7.6bn deficit net of tax. Potential measures include giving the pension scheme a prior claim over certain BT assets as an alternative to making further cash payments, management said. The group agreed to pay £1.5bn into the scheme in 2015 and a further £250m in 2016 and 2017, as part of a recovery plan agreed with trustees in 2014. Management said higher cash deficit payments could mean less money to reinvest in the business, to pay out in dividends or to repay debt as it matures. An agreement is expected by mid-2018.
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