BT blasts IASB proposals

The head of pensions at UK-based British Telecom (BT) has blasted the International Accounting Standards Board's (IASB) proposals to bring company pension schemes' unrealised actuarial gains and losses directly onto sponsor company balance sheets as damaging and unhelpful.

Former state-owned BT is currently running a £5.8 billion deficit on its £30.4 billion defined benefit pension scheme. By way of comparison, the group's first quarter profits stood at £272 million - leaving it heavily exposed

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