BBC commits £1.9bn in contributions to wipe out pension deficit

first_imgThe body, which is partly funded by a public TV-license fee, will now contribute £740m over the next four years, compared with the previous schedule of £375m.The schedule agreed at the 2010 triennial review would have seen the BBC contribute £675m between 2014 and 2021, but this will now rise to £1.2bn.By 2026, the end of the new schedule, the organisation will have contributed £1.96bn, aiming to remove the deficit completely.Despite the higher than expected return on the scheme’s assets, the trustees said market conditions were to blame.The fall in UK government bond yields since 2010 resulted in a £1.6bn addition to the deficit.Bill Matthews, chair of the trustees, said the scheme also agreed to add two years to its funding plan to reach self-sufficiency.He also said the trustees shifted the firm’s investment portfolio to provide greater certainty on returns and complement the scheme’s growing pensioner population.Since 2010, the scheme has reduced its equity holding by 18 percentage points, as it now accounts for 38% of holdings. This was in reaction to the increase in the number of pensioners by 3,800.Bonds now account for 31% of investments, compared with 22% in 2010, while the scheme has actively increased its allocation to alternatives, rising to 17% from 9%.The scheme was also only 53.1% funded on a buyout basis, with an additional £9.1bn required from the BBC to cover this.However, the trustees stressed the scheme had no plans to enter this arrangement.“Throughout the process, the trustees were conscious of the need to strike a balance that was both appropriate for members and did not undermine the BBC’s ability to support the scheme,” Matthews said.“I must stress that the scheme will continue to pay out benefits in line with its rules.” The BBC has been forced to double its contributions to its pension scheme after the triennial review revealed a sharp rise in the deficit.The BBC Pension Scheme, which has around 59,000 members including 22,000 pensioners, saw its deficit increase by £900m (€1.1bn) from 2010, hitting £2bn.The results of its 2013 triennial valuation now estimate its liabilities at £12.3bn, up by £3bn, compared with assets of £10.3bn, which also rose by £2.1bn.As a result, the schedule of contributions from the UK broadcaster to its pension scheme has now been ramped up.last_img read more

Celeb captains announced for 2018 BetBright Cup

first_img Mark Wilson: How FSB is meeting the recreational cricket punter’s demands August 20, 2020 Share Betfred extends World Snooker Championship deal until 2022 August 17, 2020 StumbleUpon Share Related Articles ITV secures three-year British racing broadcast deal August 5, 2020 Submit BetBright has announced its duo of celebrity sporting captains for its fiercely contested 2018 Cheltenham Festival charity cup.Ex England cricket spin bowler Phil Tufnell and former snooker star Ken Doherty have been appointed as captains of Great Britain and Ireland respectively, as they bid for bragging right.The trophy is to be awarded to the country with the greatest number of Cheltenham Festival winners, with Ireland current title holders.A crushing 19-9 defeat was handed out at the Gloucestershire turf last year, despite Great Britain starting as favourites.Rich Ricci, BetBright chairman, commented: “Cheltenham Festival is the horse racing event of the year, an exciting time for racing fans from both sides of the Irish Sea. “The Irish contingent will be looking to retain the BetBright Cup for the first time and I am sure that the British trainers and horses will be wanting to avenge last year’s heavy defeat.”“The BetBright Cup is a fun complement to the serious sport on the track, allowing racing fans to get behind their country’s contenders throughout the weekend and this year we will be making a donation of £10,000 to the Injured Jockeys Fund on behalf of the winning captain”.Tufnell, who went on to be a regular face of British television following the culmination of his professional cricket career, said of the event and his captaincy: “Cheltenham Festival is my favourite sporting event of the year and I’m delighted to be captaining Great Britain again this year. “Last year’s defeat was almost as crushing as the England side in the Ashes, but I am predicting a resurgence of British winners and I can’t see anything beyond a whitewash victory for the red, white and blue.”Doherty, who in 1997 triumphed in the World Snooker Championship, added  “What a festival it was last year, the trophy was heading across the Irish Sea before the last day of racing had finished last year and I can’t see anything beyond another resounding victory for the Irish. “The main man, Ruby Walsh, will be back from injury and I’m backing Faugheen to be the first 10 year old or older since Sea Pigeon in 1981 to win the Champion Hurdle.”last_img read more

Alex Wood dominates again as Dodgers top Reds

first_imgWood didn’t walk a batter and struck out five, using his assortment of fastball, changeup and breaking ball to get ahead of hitters and finish them off.“That’s always the way I’ve pitched,” Wood said. “I like to try to attack. But all three pitches have been as sharp together as they’ve ever been.”Kenley Jansen gave up a double in the ninth while picking up his 14th save.The Dodgers have won six in a row over the Reds, who got swept in LA last weekend. The Dodgers are 15-3 against Cincinnati since 2015, one of the most dominant streaks in the NL over that time.Cincinnati has dropped seven straight overall, matching its deepest slump of the season. CINCINNATI >> Everything is working for Alex Wood these days, leaving him among the Dodgers’ greats for the best start to a season.The left-hander remained unbeaten by pitching four-hit ball over eight innings on Friday night, leading Los Angeles to a 3-1 victory that extended its domination of the Cincinnati Reds.Wood (7-0) lost his shutout when Devin Mesoraco homered in the eighth. He’s the first Dodgers pitcher to get so deep into a season without a loss since 1985, when Orel Hershiser made his first 11 starts without a loss, according to STATS. “Very rarely does a pitcher have the command he’s had of three pitches over this period of time,” manager Dave Roberts said. “As a hitter, you know when a pitcher is on the attack and it’s a helpless feeling.” “We really didn’t have a chance to get excited,” manager Bryan Price said. “We couldn’t put a lot of pressure on Wood.”Joc Pederson had a solo homer off Tim Adleman (4-3), who gave up two runs in six innings. Chris Taylor added an RBI double as the Dodgers won for the seventh time in their last eight games overall.Justin Turner singled twice, walked twice and extended his hitting streak to 12 games. Wood singled home a run in the eighth off Drew Storen, slapping a pitch the opposite way to right field for his second hit of the season.“I guess I closed my eyes and got a knock,” Wood said.Notes >> The Dodgers called up RHP Josh Ravin from Triple-A Oklahoma City for his second stint in the majors this season. He takes the place of RHP Ross Striplin, who was optioned. …Roberts said LHP Hyun-Jin Ryu (2-6), who is scheduled to start today, is fine physically. He made only one start last season because of shoulder surgery and elbow tendinitis. Ryu gave up four runs in only four innings during his start last Saturday against the Reds.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more