BT Group plc. Pension Teach-in 27 November 2013

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1 BT Group plc Pension Teach-in 27 November 2013

2 Agenda UK schemes and valuation measures Paul Rogers IAS 19 pensions accounting Glyn Parry Actuarial valuation external landscape Mike Smedley, KPMG BT position Glyn Parry Q&A 2

3 BT Group plc Section 1: UK schemes and valuation measures Paul Rogers Head of Pensions Risk 3

4 BT s main UK pension schemes BT Pension Scheme (BTPS) defined benefit investment risk with company closed to new entrants in 2001 BT Retirement Saving Scheme (BTRSS) defined contribution investment risk with employee new BT joiners enter BTRSS contract-based arrangement with Standard Life 4

5 BTRSS membership and benefits Membership c.25,000 active 1 members BT contribution based on level of employee contributions Employee BT 4% 6% 5% 8% 6% 8.5% 7%+ 9% Employee choice over investment funds Auto-enrolment requirements met from 1 November Currently employed by BT and earning benefits 5

6 BTPS membership Three sections depending on member joining date Section A joined before 1 December 1971 Section B joined between 1 December 1971 and 31 March 1986 Section C joined between 1 April 1986 and 31 March 2001 At 31 March 2013 Active members Deferred members Pensioners Total % total liabilities 2 Section A & B 1 19,000 39, , ,000 c.80% Section C 25,000 41,500 18,000 84,500 c.20% Total 44,000 80, , ,500 1 Section A members have typically elected for Section B benefits at retirement and current active Section A members total <1,000 2 On an IAS 19 basis at 31 March

7 BTPS benefits Active members Deferred members Pensioners Section B 1 Section C Pre 2009 service: Benefits based on Final Salary Post 2009 service: Benefits based on Career Average Salary increasing at lower of: RPI The individual s pay increase Fixed at leaving, then increased to retirement, based on CPI Increases in pensions in payment based on CPI Increases in pensions in payment based on RPI to max 5% BT contributes 13.5% of pensionable pay (including employee contributions) for benefits earned in year next reviewed at 30 June 2014 actuarial valuation 1 Section A members have typically elected for Section B benefits at retirement and current active Section A members total <1,000 7

8 BTPS governance & management: BT BT Pensions Committee responsibilities include: overseeing BT s relationship with the Trustee considering significant pension policy and strategy matters for the Group assessing BTPS investment strategy and monitoring performance reviewing the actuarial funding valuation reviewing and approving BT s risk management activities for BTPS e.g. Pension Increase Exchange exercise Chaired by Senior Independent Director, Rt Hon Patricia Hewitt other members: Sir Mike Rake, Tony Chanmugam, Clare Chapman and Phil Hodkinson 8

9 BTPS governance & management: Trustee Independent Trustee administers and manages scheme nine Trustee directors appointed by BT recognised trade unions agree Trustee Chairman appointment and nominate four directors Trustee sets investment policy after consulting BT assets managed by a range of investment managers including Hermes Fund Managers Ltd, owned by the BTPS Trustee publishes a full Report and Accounts once a year 9

10 BTPS assets Market value of assets 39.3bn at 30 September target asset allocation 2013 target asset allocation 9% 12% 17% 29% 11% 16% 63% 12% 31% Equities Inflation-linked Fixed interest Property Equities Inflation-linked Other Fixed interest Property 10

11 BTPS asset returns Asset class Trustee s expected real return (above RPI) at 31 December 2012 Equities 4.4% Fixed interest 0.7% Inflation-linked 1.3% Property 3.4% Other 2.2% Average (based on target allocation) 2.5% 7.5% actual return in year to 31 December % above RPI 8.3% pa actual return over last 10 years to 31 December % above RPI 11

12 BTPS liabilities Past service: value of benefits earned based on service to date discounted cash flow of forecast benefits payable compare to assets to determine if surplus or deficit Future service: calculation of cost of next year s benefits leads to current regular contributions of 13.5% (actuarial valuation) 12

13 BTPS liabilities 3,000 Forecast benefits payable by the BTPS, using IAS 19 assumptions at 31 March ,500 2,000 m 1,500 1,000 NPV = 47.0bn (at 31 March 2013) Forecast benefits calculated based on various assumptions e.g. inflation, salary growth, retirement age, life expectancy Present value of liabilities calculated using discount rate 13

14 Valuation key measures IAS 19 BT s median estimate Actuarial Purpose Prescribed accounting measure, disclosed quarterly BT s best estimate of valuation Used every 3 years to set cash deficit payments Approach Discount rate Market yield curve for AA corporate bonds Expected future asset returns in BTPS Prudent view of expected future asset returns in BTPS Other assumptions (e.g. longevity, inflation) Future expectations Prudent approach overall required Assets Market value 14

15 Pension valuation bn Real discount rate % Valuation key measures IAS 19 has historically been volatile Fluctuations correlated with movements in real discount rate 2008/9 2009/ / / / / Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q IAS 19 valuation (gross) (LHS) Real discount rate IAS 19 (RHS)

16 Pension valuation bn Valuation key measures BT s median estimate continues to show surplus - 0.7bn at Q2 Difference between median estimate and actuarial valuation reflects BT s view on level of prudence within actuarial valuation 2008/9 2009/ / / / / Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q IAS 19 valuation (gross) BT s median estimate (gross) Actuarial valuation (gross) 16

17 BT Group plc Section 2: IAS 19 pensions accounting Glyn Parry Director Group Financial Control 17

18 IAS 19 pensions accounting overview 2012/13 IAS 19 (revised) Income statement Defined contribution schemes (incl BTRSS) Defined benefit schemes (incl BTPS) Total Operating charge 136m 263m 399m Net interest on pensions (specific item) - 117m 117m Balance sheet - 4.5bn IAS 19 at 31/3/13 net of taxation 4.5bn Cash flow statement Regular contributions 136m 217m 353m Deficit contributions - 325m 325m 18

19 IAS 19 pensions accounting overview IAS 19 balance sheet movements driven by several elements Deficit at start of year Service cost Net pension interest Regular contributions Deficit contributions Actuarial movements in assets & liabilities Deficit at end of year 19

20 IAS 19 pensions accounting overview 1 Income statement Cash contributions Actuarial movement 6,258m 5,856m 1,313m 2,448m 575m 263m 117m 217m 325m 2,688m 4,543m 1,873m IAS 19 deficit at 1/4/12 Service cost 2 Net interest on pensions Regular contributions Deficit contributions Actuarial gains on assets Actuarial losses on liabilities IAS 19 deficit at 31/3/13 Net of deferred tax Deferred tax asset 20 1 Under IAS 19 revised 2 Includes administration expenses and PPF levy

21 IAS 19 pensions accounting income statement 2,448m 263m 117m Represents cost of benefits members have earned during the period, under IAS19 assumptions Includes allowance for PPF levy and administration expenses Disclosed within operating costs as part of staff costs 575m Notional calculation required under IAS 19 (non-cash) 1,873m Net interest calculated based on deficit and discount rate at the start of the year, adjusted for cash flows IAS 19 deficit at 1/4/12 Service cost Net interest on pensions i.e. broadly equivalent to 2,448m x 4.95% = 121m Treated as a specific item Income statement 21 Net of deferred tax Deferred tax asset

22 IAS 19 pensions accounting cash contributions Cash contributions, mainly based on 13.5% of active BTPS members pensionable pay 217m 325m Difference between regular contributions and service cost -appears in other in normalised free cash flow As per 2011 triennial funding valuation contribution agreement IAS 19 deficit at 1/4/12 Service cost Net interest on pensions Regular contributions Deficit contributions Excluded from normalised free cash flow Income statement Cash contributions 22 Net of deferred tax Deferred tax asset

23 IAS 19 pensions accounting actuarial movement Reflects c.12% return in BTPS over FY, included in Statement of Comprehensive Income Reflects assumption changes and liability experience over the year, included in Statement of Comprehensive Income 6,258m 5,856m 1,313m 2,688m 4,543m IAS 19 deficit at 1/4/12 Service cost Net interest on pensions Regular contributions Deficit contributions Actuarial gains on assets Actuarial losses on liabilities IAS 19 deficit at 31/3/13 Income statement Cash contributions Actuarial movements 23 Net of deferred tax Deferred tax asset

24 IAS 19 pensions accounting actuarial movement 6,258m c. 150m c. 1,450m Liability experience over the year Change in assumed future inflation e.g. RPI increased from 3.05% to 3.30% c. 4,650m Reduction in nominal discount rate fall from 4.95% to 4.20% 24 Actuarial losses on liabilities

25 IAS 19 pensions accounting sensitivity IAS 19 sensitivity at 31 March 2013 Decrease / (increase) in liability ( bn) 0.25 percentage point increase to: - discount rate inflation rate (RPI, CPI and salary all move by 0.25%) (1.5) - salary increases (0.3) One year increase in life expectancy (0.9) 25

26 BT Group plc Section 3: Actuarial valuation Mike Smedley Pensions Partner, KPMG Glyn Parry Director Group Financial Control 26

27 Pension funding landscape Components of pensions financing Benefits Company contributions Assets and returns Covenant & prudence 2013 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 27

28 Pension funding landscape Regulatory framework and the Pensions Regulator (tpr) Legislation Trustees TPR Requires prudence in overall assumptions for Scheme Funding New statutory objective for Pensions Regulator - "to minimise any adverse impact on the sustainable growth of an employer Judgement applying Scheme Funding legislation Negotiate valuation assumptions and outcome with Company Legally control investment strategy Wants deficits met subject to affordability and balance with other stakeholders Protect against deterioration in covenant (particularly actions in M&A etc) Moving towards integrated frameworks for funding, investment and covenant 2013 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 28

29 Pension funding landscape Current issues in funding valuations Low gilt yields / QE Discount rates Expected asset returns vs. bond yields Future investment strategy, not just today Mortality Assumptions reaching a plateau? Long term risk remains Contributions Growing flexibility in funding plans where deficits seen as inflated by gilt yields Long term planning More focus on long-term targets or journey plans 2013 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 29

30 Actuarial valuation 2011 agreement 3.9bn triennial deficit at 30 June % real discount rate (single equivalent rate above RPI) actuarial valuation discount rate typically sits between median estimate discount rate (expected return on assets) and gilt yields Real discount rate 31 Dec Jun 2011 BT s median estimate 3.4% 2.7% Actuarial valuation 2.5% 2.0% 15 year index-linked gilt yields 0.8% 0.6% Actuarial valuation takes prudent view of future returns on expected asset portfolio assumes asset portfolio de-risks over time into lower risk/return asset classes 30

31 Actuarial valuation 2011 agreement 1.3bn 0.8bn 0.8bn 1.6bn 9.0bn 4.2bn 0.7bn 3.9bn Gross deficit at 31 Dec 2008 Net interest on pensions Benefits earned Regular contributions Deficit contributions Actuarial gains on assets Actuarial gains on liabilities including move to CPI Gross deficit at 30 Jun

32 Actuarial valuation 2011 agreement 10 year recovery plan 2bn lump sum payment in March payments of 325m in March 2013 & March payments of 295m from March 2015 to 2021 total cash payments of 4.7bn, NPV of 3.9bn no investment outperformance assumed in recovery plan Valuation documentation submitted to the Pensions Regulator final Court decision on Crown Guarantee will inform the Regulator s next steps with regard to the valuation of the Scheme 32

33 Actuarial valuation 2011 agreement At 2014 valuation, present value of remaining 2011 recovery plan is c. 1.7bn (using 2011 discount rates) m 2011 triennial deficit payments Additional payments if deficit exceeds NPV of remaining 2011 recovery plan by nil 1.0bn 2.0bn 2.9bn March March March A new agreement would cover additional contributions if these are required Similar mechanism of additional contributions based on deficit agreed at the 2017 valuation 33

34 Actuarial valuation 2011 agreement: other features Shareholder distributions matching contributions if distributions exceed deficit contributions from 1 March 2012 to 30 June 2015 (excluding buybacks due to employee awards) Disposals and acquisitions if BT generates > 1bn from disposals (net of acquisitions) in any year, BT contributes one third of net cash proceeds Negative pledge any secured financing above a 1.5bn threshold would require BT to provide equivalent security to the BTPS 34

35 Actuarial valuation 2014 process Key actions collate and check membership data at 30 June 2014 review legal, demographic and economic changes review company covenant determine any changes to assumptions / prudence level / approach audit asset value at 30 June 2014 actuarial calculations of updated position agree contribution schedule and any other protections Scheme Actuary finalises documents and certification valuation documents submitted to Pensions Regulator 15 month statutory deadline, i.e. by 30 September

36 Actuarial valuation 2014 key factors Market conditions at 30 June affects asset values and future assumptions (e.g. investment returns, inflation) Assessment of company covenant Level of prudence 36

37 BT Group plc Q&A 37

38 BT Group plc Appendix 38

39 Further information BT 2013 Annual Report (p ) BTPS Trustee website Quarterly results Replay and transcript of this presentation (available from 28 Nov) 39

40 BTPS Crown Guarantee, current position Overview when privatised, the Government gave a guarantee that it would stand behind BT s obligations to the BTPS, if BT became insolvent Legal proceedings High Court findings in 2010 and 2011, together with various concessions made by Government, mean that: Next steps the Crown Guarantee covers liabilities for members who joined the BTPS both before and after privatisation (subject to some limited exclusions) court judgments being appealed by Government date of hearing is 30 April

41 BTPS life expectancy assumptions Life expectancy assumptions under IAS 19, after retiring at age 60 At 31 March, number of years Male in lower pay bracket Male in higher pay bracket Female Average improvement for member retiring at 60 in 10 years time Life expectancy assumptions at actuarial valuations, after retiring at age 60 At date of valuation, number of years Dec 2008 valuation June 2011 valuation Male in lower pay bracket Male in higher pay bracket Female Average improvement for member retiring at 60 in 10 years time

42 Glossary Active members Other assets CPI Career Average Salary pension Defined benefit scheme Defined contribution scheme Members of a BT pension scheme that are currently employed by BT and earn benefits Include commodities, hedge funds, credit opportunities and emerging market bond investments Consumer Prices Index - a measure of UK inflation published monthly by the Office for National Statistics. It measures the change in the cost of a basket of retail goods and services. Typically lower than RPI as it takes the geometric mean of prices rather than the arithmetic mean used by RPI. Pension built up based on a Career Average Revalued Earnings basis. BTPS benefits typically built up on 1/80 th of pensionable salary each year (plus cash lump sum), and revalued each subsequent year based on the lower of RPI or salary increase Pension arrangement under which the members receive a pension at retirement dependent on factors such as age, years of service and pensionable pay, not dependent on contributions made into the scheme Pension arrangement where pension benefits are linked to contributions paid in 42

43 Glossary Deferred members Fixed interest assets IAS 19 Inflation-linked assets Liability experience Normalised free cash flow PPF Those members of the BTPS that are no longer employed by BT, but have yet to retire and take a pension Investments on which a fixed rate of interest is received Accounting standard published by the International Accounting Standards Board that outlines the accounting requirements for employee benefits, including short-term benefits (e.g. wages and salaries, annual leave), post-employment benefits such as retirement benefits, other long-term benefits (e.g. long service leave) and termination benefits Assets providing expected returns linked to the rate of inflation The impact of allowing for actual scheme experience over a period compared to expectations, e.g. mortality, pay increases, rate of leavers Free cash flow before specific items, purchases of telecommunications licences, pension deficit payments and the cash tax benefit of pension deficit payments Pension Protection Fund - a fund established by the Government to pay compensation to members of eligible defined benefit pension schemes, where there is a qualifying insolvency event in relation to the employer and where there are insufficient assets in the scheme to cover Pension Protection Fund levels of compensation 43

44 Glossary Pensionable pay Pensions Regulator RPI Target Asset Allocation Trustee Yield curve A member s basic annual pay including certain allowances but excluding overtime Body established under the Pensions Act 2004 with effect from 6 April Main statutory objectives are to: protect the benefits of members of work based pension arrangements; keep calls on the Pension Protection Fund to a minimum; and, facilitate good pension administration. Retail Prices Index a measure of UK inflation published monthly by the Office for National Statistics. It measures the change in the cost of a basket of retail goods and services. Typically higher than CPI as it takes the arithmetic mean of prices rather than the geometric mean used by CPI. The strategic allocation of assets between different classes of investment, reviewed regularly by the Trustee A person or company, acting separately from the employer, who holds assets in trust for the beneficiaries of the scheme. Trustees are also responsible for the administration and running of the pension scheme, in accordance with the Trust Deed and Rules. A curve charting interest rates, at a set point in time, of bonds at different durations 44

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