EU investigates BT scheme
The vexed issue of British Telecom's (BT) Crown Guarantee, whereby the UK government guarantees the pensions of those employed by the utility prior to privatisation in the event of insolvency, has come back to the fore with the launch by the European Commission of an investigation into whether this arrangement, and its resultant lower Pension Protection Fund (PPF) levy, constitutes unfair state aid. This move comes at an acute time for the PPF as it increases its levy on larger, better-funded
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