A recent revelation, by the Sunday Telegraph newspaper, has refuelled the debate on company pension funds. Several former State monopolies negotiated a Crown Guarantee at the time of their privatisation, i.e. a State obligation to pay off part of the deficit in their funds. (Ref. 06404)
The news came to light after BT, formerly British Telecom, called for a reduction in its contribution to the financing of Pension Protection Fund or PPF, a safety-net set up last year funded by corporate taxation.
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