BT reveals £500m pension deficit error

Telecoms giant BT has disclosed a £500m pension deficit, blaming ‘human error’ in calculations made by its independent actuary, in its latest quarterly earnings report.

BT has reported that an accounting error by actuary Willis Towers Watson led to a £500m underestimation of its pension deficit to the end of March. The disclosure was made in the company’s quarterly report, in which it ascribed the fault to ‘isolated human error’.

In a statement to the London Stock Exchange, BT stated that: ‘We have received certified assurance from the actuary that their quantification of their error is accurate and that there are no other errors as at 31 March 2018’.

T