14/11/2023 |

Publication of BTPS Annual Report and Accounts for the year to 30 June 2023

The BT Pension Scheme “BTPS” or “the Scheme” has published its Annual Report and Accounts for the year to 30 June 2023, which along with the financial statements, includes the report by the Trustee on funding and investment activities, member services and Scheme governance. The full document can be accessed here:

Alongside the Report and Accounts, the Scheme’s sponsor, BT Group, has published the outcome of the Scheme’s triennial valuation exercise, which can be found here:


  • BTPS’s investment strategy focuses on ensuring that it can fulfil its promises to members, paying their retirement benefits on time and in full as they are due. The Scheme has 263,447 members of which 210,359 are pensioners.
  • Average age of the Scheme’s members, weighted by pension amount, is 70 and £2.6bn was paid to them in the year to 30 June 2023.
  • The Scheme’s funding position has continued to improve since the last formal valuation despite volatile times for financial markets. The overall value of the Scheme’s assets has fallen to £37.3bn, (2022: £46.9bn) driven primarily by increases to interest rates impacting the value of the Scheme’s gilt and bond holdings. However, this is offset by the decline in the Scheme’s liabilities (technical provisions) to £41.0bn (2022: £51.28bn) and as a result, the funding position has improved to 91% (2020: 88%).
  • The Scheme’s deficit is £3.7bn, (2020: £8.0bn, 2017: £11.3bn). The deficit reduction plan is on track, and the Scheme remains on target to be fully funded by 2030.

Portfolio composition on 30 June 2023

The Scheme’s investments are spread across a range of assets classes, the majority of which have been chosen to deliver more predictable, reliable income streams enabling it to fulfil its commitments to members. Its strategy includes measures to insulate it against the impact of changes in interest rates and inflation - hedging.

  • The Scheme remains a significant investor in the UK with 67% of its total assets invested in UK gilts, corporate bonds, property, public equities, infrastructure and private equity. This figure has increased over the past 12 months and is at its highest level in over a decade.
  • 71% of the Scheme’s assets were invested in cashflow focused holdings, including sovereign debt, investment grade credit, sub-investment grade credit and cash.
  • 29% of the Scheme’s assets were invested in equity and equity-like holdings, including equities, property, absolute return and infrastructure assets.