News update – BMW blames the living for deficit

BMW has blamed the fact that its pensioners are living longer for its pension deficit, which has doubled in a year. The deficit, calculated using FRS17 standards, now stands at £561m, up from £385m. The car manufacturer made a contribution of nearly £50m last year and is considering another similar payment. However, BMW, which runs the Mini plant in Oxford, added that this would not force it to shut its final salary pension scheme.