Unsurprisingly BSkyB and Carphone Warehouse don’t want to pay to fill BT’s pension hole. The reality is that they only know what BT is going to spend the money on because BT is heavily regulated. Carphone’s customer do not get the luxury of not paying for their purchase of Tiscali or for their development of an on demand TV service. The move to new headquarters or the CEO’s bonus.
I have some sympathy that BT has made some crap decisions on investment, products to support and technologies to ditch.
Investing in technologies and selling them off just on the cusp of them generating revenue and returning the investment. Selling off large revenue low margin business because no one wants to take it by the balls and strip out the costs. Idiots!
It is that mismanagement that the inability to distinguish talent from style to ignore detail and the people that manage because it is boring and not as entertaining as the “high level” PowerPoint slides.
Having worked for BT for 38 years, in April they decided to change the pension scheme. This is a formal contract changed unilaterally by one party. Yet my divorce (last post) was only 30 years but I am not allowed to change (what I perceive) as a far woollier contract of marriage.
BT can’t afford it – they are not really that interested in it – when privatised ever member of the board was in the BT pension scheme – today not one. “I’m all right jack” I’ve negotiated a separate pension package which is far more beneficial than yours.
Life is not fair, and then you die!
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