BT (BT.A) lost its appeal against a High Court decision that preserves the right of members of its defined-benefit pension scheme to receive increases to their pensions based on the retail price index.
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The telecoms giant had sought to change the indexation basis for the BT Pension Scheme (BTPS) to the less lucrative consumer price index (CPI). CPI was 2.2 per cent in October 2018, according to the Office for National Statistics. By contrast, RPI stood at 3.3 per cent.
This is not necessarily the end of BT's attempts to change the scheme. BTPS said: “BT is considering the judgement in detail in order to decide next steps.”
