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BT announces Otto Thoresen as new chairman of BT Pension Scheme Trustee

Press Release   •   Nov 22, 2018 09:17 GMT

BT today announced that Otto Thoresen will become Chairman and Trustee Director of the BT Pension Scheme (BTPS) on 15 February, 2019.

Otto Thoresen succeeds Paul Spencer CBE who steps down after over 9 years as Trustee Director including over 7 years as Chairman. BTPS is one of the country’s largest company pension schemes, with c 292,000 members and assets under management of around £51 billion.

Otto Thoresen is a highly experienced Non-Executive Chairman. He is currently Chairman of NEST Corporation, the trust-based occupational pension scheme set up by government to support the auto-enrolment programme. Otto brings over 35 years’ experience of the insurance industry with a particular focus on life and pensions. This experience includes the Chairman of Aviva International Insurance, Aberdeen Asset Management Life & Pensions andCFO and then Chief Executive of AEGON UK.

Jan du Plessis, Chairman of BT said: “We are delighted that Otto Thoresen is taking on the Chairmanship of the BT Pension Scheme. He brings a wealth of pensions, business and financial experience to the role, alongside his considerable board chairmanship skills.

I would also like to thank Paul Spencer who has shown great dedication to the scheme and its members. He has presided over a strong investment performance and reduced risk during a period of considerable economic and regulatory change.”

Otto Thoresen said: “I am delighted to be taking on this role. Looking after the long term interests of over 290,000 scheme members, and their dependants, is a very important duty.”

About BT

BT’s purpose is to use the power of communications to make a better world. It is one of the world’s leading providers of communications services and solutions, serving customers in 180 countries. Its principal activities include the provision of networked IT services globally; local, national and international telecommunications services to its customers for use at home, at work and on the move; broadband, TV and internet products and services; and converged fixed-mobile products and services. BT consists of four customer-facing units: Consumer, Enterprise, Global Services and Openreach.

For the year ended 31 March 2018, BT Group’s reported revenue was £23,723m with reported profit before taxation of £2,616m.

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