The newspaper for BBC pensioners – with highlights from Ariel Worship over the years The BBC’s religious output, past and present – Page 6 October 2011 • Issue 7 Patten – bbC Genome ‘we need Memories of project – more women’ the Proms our dNa Page 3 Page 7 Page 9 NEWS • MEMoriES • ClaSSifiEdS • Your lEttErS • obituariES • CroSPEro 02 PENSioN NEWS A chance to catch up and look Pension Fund latest into the future Former staff will be going to extremes as The meetings, on Thursdays at 14.15, are in: The BBC pension fund deficit has grown they hold a series of get-togethers around • Glasgow on 6 October in the Old Man the country during October. This year the of Hoy Meeting Room, BBC Scotland, in the past year, to £1.49bn, up from BBC Pensioners’ Association is heading out 40 Pacific Quay, Glasgow, G51 1DA west to hold its first regional meeting in • Oxford on 13 October in the Old £1.1bn in 2010. Plymouth as well as organising gatherings Common Room, Balliol College, in Belfast and Glasgow and moving in on Broad Street, Oxford, OX1 3BJ an Oxford College. • Plymouth on 20 October in the The figures are revealed in the BBC Pension Anyone over 55 can ask to do so, but from The meetings are open to anyone who Conference Room, Broadcasting House, Scheme’s annual report, which was issued to next January they will no longer be able to once worked for the BBC and for the first Seymour Road, Plymouth, PL3 5BD members last month. make pension payments into either the Old time discussion is expected to extend beyond • Belfast on 27 October in the Board Room, The report included the latest funding or New Benefits schemes; instead they will pension issues to proposals to establish a Broadcasting House, Ormeau Avenue, update from the actuary. This showed that have to pay into Lifeplan, the BBC’s new DC BBCPA memory bank (see page 9). The Belfast, BT2 8HQ. from 1 April 2010 (when the full valuation pension arrangement. Association has been exploring ways of For further details: 0208 948 1982 or visit was carried out) to April 2011, the Scheme’s capturing members’ memories and the Association’s website at http://www. funding level had fallen from 88% to 87%. Investments committee members will be bringing people bbcpa.org.uk/ This was despite improved investment The report looked at the Scheme’s up to date with latest developments, performance over the 12-month period and investments over the year. After the financial including plans for an online archive that deficit contributions by the BBC amounting crises of 2007-2009, investment markets could include access to oral history to £110m. The main reason for the fall in have recovered strongly over the last two interviews with former staff and freelancers. funding was lower expectations of future years. In the year to 31 March 2010, the The hope is this will integrate with the BBC’s long-term investment returns from equities. Scheme had a return of 28.2% and this Project Genome, which is digitising the If the expectations of future long-term has been followed by 8.6% in the year to Radio Times programme pages, and allow investment returns had not changed since 31 March 2011. people to look behind the scenes and learn April 2010, it is estimated that the liabilities However, prospects for financial markets more about the experiences of the would have been around £9.9bn in 2011 for the next year are mixed. Persistent programme-makers and all the other teams (funding level of 90%). weakness in the UK economy remains that helped make sure the broadcasts got The report summarised the Scheme’s a significant cause for concern, though on the air. Report & Accounts, with the full report being many companies have managed to report The committee members will also be made available on the BBC Pensions website improvements in earnings. listening to any concerns about the BBC (bbc.co.uk/mypension). Meanwhile, both index-linked and Pension Scheme so they can raise these in conventional UK Government bond yields regular liaison meetings with members of Changes ahead have fallen to levels that are relatively BBC management. The report announced two changes to some low compared to recent years, and as a of the ways in which members of the Old consequence, the level of income and total and New Benefits sections can currently take returns from Government bonds are likely their pension, removing the ‘levelling’ option to be somewhat lower in coming years than Data matching exercise for future pensioners and amending flexible they have been over the last few years. As an alternative to issuing ‘declaration of We will be sending the Audit Commission payment options. Against this background, the Scheme entitlement forms’ for all UK-based BBC some basic personal details such as name, And there may be further changes continues to increase its level of pensioners to sign, we will be taking part in date of birth and National Insurance number. ahead. Introducing the report, Jeremy Peat, diversification across equities, bonds, an electronic data matching exercise with This data matching exercise meets Chairman of the Trustee, said: ‘[We] are property and other investments. Spreading the Audit Commission using the records of the requirements of the Data Protection conscious of the need to ensure the Scheme’s investments over a greater number of the Department for Work and Pensions. Act 1988. The Audit Commission services deliver value to members…in the different types of assets both within The purpose of this is to identify cases will be processing the data for this year ahead the Trustees will be reviewing a and outside global stock markets should where the Scheme has not been notified purpose only, and will comply with data number of Scheme services and will report provide the Scheme with more protection of deaths and to avoid overpayment protection principles. back next year.’ from future market volatility. The Scheme of pensions. continues to be managed with the aim of Pensioners’ choices generating sufficient returns to reduce the The levelling option allows members to take size of the pension deficit over the long term, a higher BBC pension until they reached State without taking excessive risk. Pension age, then a reduced BBC pension Pensioner passes until age 75. This used to be ‘cost neutral’ to Future investment strategy It has come to my attention that some building, you will need to speak to Security, the Scheme, but as the Government moves to This year, a new committee has been set pensioner passes have been rejected at who will in turn contact the Pensions raise the State Pension age the reduced BBC up (the journey plan committee) which various BBC locations. Upon investigating Department to verify that you are a payments will be paid for a shorter time, and will look at how investment strategy should this issue, it appears that there was a loss registered BBC pensioner. You will then need the option will start to cost the Scheme. So change in future years to help the Scheme to of some of the pictures when the Access to go to the ID Unit to have a new photo the Trustees intend to remove the levelling progress towards greater security. Control system was upgraded. Therefore, taken for your profile and a new card will option for future pensioners, from 1 October Another important factor in deciding there are a number of pensioners who do be issued. 2012. Please note: existing pensioners are our investment strategy is cash flow. The not have a photo showing on their profile. I’m sorry for any inconvenience this not affected. BBC’s changes and the Scheme’s closure Unfortunately, the ID Unit is unable to may cause, but I’m sure you appreciate that Around 200 members of staff are taking to new members will affect cash flow and confirm with the Pensions Department or security is of paramount importance. their pension whilst working for the BBC, the Trustees have asked their advisers to an individual if their profile needs updating. Jan Killick and still paying into the pension scheme. determine the exact effect. If your card is refused entry to a BBC Head of Pensions Editorial contributions: Write to: Prospero, BBC Pension and Benefits Centre, Broadcasting House, Cardiff CF5 2YQ. Email: [email protected] Please make sure that any digital pictures you send are scanned at 300 dpi. The next issue of Prospero will appear in November. Prospero is provided free of charge to retired BBC employees, ARIEL SUBSCRIPTIONS or to their spouses and dependants. Prospero provides a source of news on former colleagues, developments at the BBC and 6 months 1 year pension issues, plus classified adverts. UK: £26 £50 Overseas: £36 £60 To advertise in Prospero or the BBC Staff magazine, Ariel, please see page 12. Subscription information for Ariel can be found to the right. Please phone: 0161 485 6540 PROSPERO OCTOBER 2011 uPdatE froM thE bbC 03 BBC needs more women Don’t jump the gun BBC agreement BBC chairman Lord Patten wants more women on air on Four, says Patten amendments BBC Trust chairman Chris Patten has said there are not enough The BBC Trust has published women in on-air roles at the public broadcaster. ‘We should have details of the agreement with more women on radio and television,’ the former Conservative the Department of Culture, party chairman said in an interview with The Observer. Media and Sport which varies the existing BBC charter to take account of the changes introduced in last year’s licence fee deal.