BT’s pension fund ‘fell by £11bn’ after mini-budget

The £11bn fall represents almost a quarter of the value of the BT pension scheme. Photograph: Graeme Robertson/The Guardian

BT’s pension scheme has revealed the value of its assets plummeted by an estimated £11bn in recent weeks, after the meltdown in UK government bond markets following Kwasi Kwarteng’s mini-budget.

The disclosure in the annual report published by BT Pension Scheme (BTPS), one of the UK’s largest company retirement plans with almost 270,000 members, provides one of the first insights into the scale of the financial impact on funds.