Court rejects BT’s bid to change inflation-linked benefits

first_imgTelecoms giant BT cannot change the index it uses to calculate pension increases for certain members of its pension scheme, according to a UK court ruling today.The company was seeking to find out whether it would be able to use the Consumer Prices Index (CPI) instead of the Retail Prices Index (RPI) to calculate inflation-linked annual pension increases. The CPI is typically lower, so being able to use it would have helped the company deal with a large deficit in its defined benefit (DB) pension scheme.According to BT’s annual report for the 12 months to 31 March 2017, the pension scheme had a shortfall of £7.6bn (€8.6bn). However, a funding update issued by the trustees last year put the deficit at nearly £14bn as of 30 June 2016.The company had agreed in principle with the trustee of the BT Pension Scheme (BTPS) to switch its inflation measure to the CPI, but it wanted to check whether this would be deemed compatible with the scheme rules. The High Court today ruled against BT.The company said it was disappointed with the decision.“[W]e will now consider the judgment in detail in order to decide next steps, including the possibility of an appeal,” it added in a statement.According to Slaughter and May, which acted for the BTPS trustees, BT had argued that RPI had “become inappropriate” for the purposes of the relevant scheme rules and that the company could therefore, following consultation with the trustee, switch away from RPI. The trustee said it was in the process of analysing the judgment and would provide a further update once this was done.BTPS is the largest private sector pension scheme in the UK and the 11th largest in Europe, according to IPE’s Top 1000 Pension Funds report.The court ruling comes as BT has just completed a consultation on changes to its main DB and defined contribution (DC) schemes.The company has proposed closing BTPS to future accrual in April, with all members’ contributions moving to the BT Retirement Saving Scheme (BTRSS), the main DC plan. BT would pay additional contributions into the BTRSS for up to 10 years.As an alternative, the company proposed keeping BTPS open on a significantly amended basis, whereby benefits would increase more slowly in future and members would have to contribute more.BT said it was now considering employees’ feedback to the consultation before concluding its review of its pension schemes.Trade union CWU has opposed the proposals. Prospect, another union, said it was in the process of finalising a new pension deal with the company.BT said it was in “constructive discussions” with the BTPS trustee in relation to the triennial valuation, and that it still expected to complete the valuation in the first half of this calendar year.last_img read more

Ben Williams maintains success at faceoff X, but SU still falls to Fighting Irish

first_img Facebook Twitter Google+ SOUTH BEND, Ind. — Blood dripped off the left side of Ben Williams’ chin as he stood next to the field where Syracuse’s spotless record had been ruined just moments before.He was not unwilling to talk about the play that severely shifted the momentum in Notre Dame’s favor, but had no intention of dwelling on it.Syracuse took its first lead with 1:06 to play on Dylan Donahue’s seventh goal of the afternoon. The script was ready to write itself before UND’s P.J. Finley picked up the faceoff from Williams untouched and scored undefended to tie the game seven seconds later.“He got the whistle a little bit, and put it out the front and he put it away,” Williams said. “Not too much rocket science in that. … He saved the game for his team.”Williams lived up to the reputation that he’s developed for himself throughout the season’s first seven games on Saturday. He finished 18-of-29 at the X and was at the center of a 9-2 run that turned a six-goal deficit into a one-goal lead. But his effort wasn’t enough as the No. 1 Orange (7-1, 2-1 Atlantic Coast) fell 13-12 in double overtime to No. 2 Notre Dame (6-1, 2-0) at Arlotta Stadium in South Bend, Indiana.AdvertisementThis is placeholder textBecause of him, Syracuse had 37 ground balls to UND’s 27. Because of him, it had 44 shots, while the Fighting Irish had only 35. Because of him, his performance all season had been enough for Syracuse to find a way to win.But on Saturday, SU could not.“They play great defense, and we were going to have to work for everything we got,” SU head coach John Desko said, describing how Notre Dame won despite Williams’ play. “We had some opportunities, I think we were even out-shooting them at halftime. The ball wasn’t dropping.”Notre Dame threw five different faceoff specialists — including Trevor Brosco, who hasn’t taken a faceoff in two seasons — to try and disrupt Williams. But after Nick Ossello won the first, Williams captured eight out of nine to end the first half.And even though the Fighting Irish couldn’t prevent Williams from getting the ball, it stagnated the offense once it got in his stick. It pressured him to make it difficult to attack or pass into the offensive zone after his wins. It forced him to pass behind to his defense and for SU to clear the ball after that.“You can’t get used to anybody,” Williams said. “We knew that was their plan coming in.”When Syracuse gave up its lead on Finley’s goal, Desko said it “shocked” SU. Defender Brandon Mullins said Finley was the “last person” he expected to make the play. Williams said the moment was a “learning experience.”Saturday marked the first taste of defeat in a season that has revolved around Williams’ dominance. As he goes, so too has Syracuse. He had won 11 consecutive in the first half against Duke six days prior to help open up a 12-goal halftime lead. That came just a week after a 7-of-11 performance in the second half to help the Orange pull away from Johns Hopkins.“Ben’s great every game. Compared to what we’ve had in the past, you know,” Mullins said. “Ben’s the MVP of every game.”On Saturday, there was no question that Williams did his job well enough to help get Syracuse a win.In the end, though, he just wasn’t able to do everything. Comments Published on March 28, 2015 at 4:25 pm Contact Sam: | @SamBlum3last_img read more


first_imgThe finalists have been announced in this year’s Finn Harps Donegal Road Safety Competition after judging was completed last Friday.And with more than 700 entries, judging was tougher than ever.The competition, which is being held for the second year, aims to promote road safety through sport and has proved an outstanding success with over seven hundred entries this year. The nine finalists, who will all receive prizes, will be presented with their awards at the Finn Harps v Waterford United game on Saturday 11th of June where the winning overall entry will be revealed and unveiled by Donegal County Mayor Cora Harvey.Eamon Browne Donegal Road Safety Officer, stated: “When you see the responses it is clear that our road safety message is getting across to children. It is ongoing work and we are delighted to work with Finn Harps on projects such as this.”Finn Harps Community Officer John Campbell stated: “We are delighted to be working with Donegal Road Safety, we have an excellent working relationship and we look forward to it continuing.”Both Finn Harps and Donegal Road Safety would like to thank all those who participated – the children, the parents who helped, the Judges and in particular all the teachers in the schools without whose help and assistance this would not be possible. The following are the Finalists in the Finn Harps Donegal Road Safety Art Competition.Mary Mannering Scoil Mhuire GlentiesBernard Mc Brearty St Josephs NS Rathdonnell LetterkennyKevin Gavigan Scoil Mhuire GlentiesKate Carlin Townparks Lifford Susie Cunningham Gaelscoil Adhamhainn LetterkennyConor Lafferty St Patricks Boys Carndonagh Co DonegalHannah Mi Chanoinn Ui Chathain Scoil Brid DowningsChloe Maxwell Killaghatee NS Bruckles Co Donegal Shane Mc Devitt Scoil Mhuire GlentiesFINALISTS ANNOUNCED IN ROAD SAFETY ART COMPETITION was last modified: May 30th, 2011 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more