You will be redirected back to your article in seconds

BBC Must Pay $1.21 Billion into Staff Pension Scheme

Funds will be taken from the amount raised from the license fee

LONDON — The BBC will have to pay £740 million ($1.21 billion) over the next four years into its employee pension scheme, which has accumulated a $3.27 billion deficit.

The U.K. pubcaster, which had previously said the pension shortfall would be $614 million, will take the money from the amount raised from the license fee, which all Brit TV viewers are forced to pay, according to a report in the Guardian.

The BBC has opted not to up employee contributions to the pension scheme in a bid to avoid the industrial action that followed reforms to the scheme in 2010.

The pension deficit has almost doubled from $1.8 billion in 2010 due to the economic downturn and longer life expectancy.

“External factors have caused the BBC’s pension deficit to increase significantly since 2010, but without recent reforms to staff benefits the BBC would now be facing an even bigger problem,” said a spokesman for the BBC Trust, which is the organization’s governing body.

“Before approving the BBC’s new funding plan, the trust considered the various options and set parameters around what would be acceptable given our responsibility to license fee payers. We concluded that this plan provides the best solution because it addresses the shortfall in an affordable and manageable way.”

More TV

  • Dirk Gently's Holistic Detective Agency

    'Dirk Gently' Star Samuel Barnett on High Fantasy and Season 2

    LONDON — The BBC will have to pay £740 million ($1.21 billion) over the next four years into its employee pension scheme, which has accumulated a $3.27 billion deficit. The U.K. pubcaster, which had previously said the pension shortfall would be $614 million, will take the money from the amount raised from the license fee, […]

  • Disney-ABC TV Chief on Weinstein's Victims,

    Disney-ABC TV Chief Ben Sherwood on Weinstein's Victims, Shonda Rhimes' Exit

    LONDON — The BBC will have to pay £740 million ($1.21 billion) over the next four years into its employee pension scheme, which has accumulated a $3.27 billion deficit. The U.K. pubcaster, which had previously said the pension shortfall would be $614 million, will take the money from the amount raised from the license fee, […]

  • Bill OReilly Roger Ailes Sexual Harrassment

    Bill O'Reilly, Roger Ailes Still Loom Over Fox's Business (Analysis)

    LONDON — The BBC will have to pay £740 million ($1.21 billion) over the next four years into its employee pension scheme, which has accumulated a $3.27 billion deficit. The U.K. pubcaster, which had previously said the pension shortfall would be $614 million, will take the money from the amount raised from the license fee, […]

  • RuPaul

    RuPaul Reveals the Queens Competing in 'RuPaul's Drag Race All Stars' Season 3

    LONDON — The BBC will have to pay £740 million ($1.21 billion) over the next four years into its employee pension scheme, which has accumulated a $3.27 billion deficit. The U.K. pubcaster, which had previously said the pension shortfall would be $614 million, will take the money from the amount raised from the license fee, […]

  • Donald Trump

    SAG-AFTRA Supports 'Unencumbered Press' After Trump's License Revocation Threat

    LONDON — The BBC will have to pay £740 million ($1.21 billion) over the next four years into its employee pension scheme, which has accumulated a $3.27 billion deficit. The U.K. pubcaster, which had previously said the pension shortfall would be $614 million, will take the money from the amount raised from the license fee, […]

  • Brent Briscoe Dead: 'Twin Peaks' and

    Brent Briscoe, 'Twin Peaks' and 'Parks and Recreation' Actor, Dies at 56

    LONDON — The BBC will have to pay £740 million ($1.21 billion) over the next four years into its employee pension scheme, which has accumulated a $3.27 billion deficit. The U.K. pubcaster, which had previously said the pension shortfall would be $614 million, will take the money from the amount raised from the license fee, […]

More From Our Brands

Access exclusive content