The scheme is funded to around 97% of its liabilities, and saw a £1.2bn growth from its investments (6.4%) during 2007.
Over the year its greatest successes were its portfolios of commodities, private equity and overseas property, which each returned over 20%.
Its biggest disappointments were its UK large cap focus fund, which lost 14% over the year, and its Japanese focus funds, which lost 11%.
Significant costs of the scheme include payment of the Pensions Protection Fund levy totalling £13m – though this payment is under review, given the debate over government guarantees for past service when BT was publicly owned.
Elsewhere, the scheme’s investment management ex-penses grew from £62m to £88m, due to its increased use of external managers – principally Legal & General Investment Management.
It paid its chairman £75,000, and other trustees between £21,000 to £40,000.
The scheme has 69,000 active members, 97,000 deferreds and 178,000 pensioners. DR
