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14

BP Stops Contributing UK Pension Fund

Oil and gas major BP is likely to take a break from contributing to its UK pension funds for at least a year

Oil and gas major BP is likely to take a break from contributing to its UK pension funds for at least a year, in a move that will save it about $485m in 2008.

The company said as of last September, its UK funds had total assets of about 15.8bn pounds, and liabilities of 11.7bn pounds, and it was entitled to take a contribution holiday in any year in which the ratio of assets to liabilities exceeded 115 per cent.
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