BT pension scheme chief executive to step down

The chief executive of the BT pension scheme Eileen Haughey is to step down following the conclusion of the 2017 actuarial valuation.

The trustee board will replace Haughey as chief executive of the scheme for the time being.

Haughey joined the scheme as chief executive in 2013 and oversaw the implementation of a £16 billion (€18.3 billion) longevity hedge and the in-sourcing of the scheme’s administration.

A spokesperson for the scheme said: “Eileen has agreed with the trustee board that the conclusion of the valuation is the optimum point to step down. She will be taking some well-earned time out before taking on her next challenge.”

The most recently completed full actuarial valuation, which was carried out in June 2014, concluded that the funding level of the scheme was 85.1% and the corresponding past service deficit was £7,044 million.

An interim report between full actuarial valuations found that between June 2014 and June 2016 the funding shortfall increased from £7,044 million to £13,901 million.

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