BT 2001 Annual Report Download - page 56

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Corporate Governance
Pension Fund
BT’s main pension fund ^ the BT Pension Scheme ^ is not
controlled by the Board, but by trustees who are company and
union nominees, with an independent chairman. The trustees
look after the assets of the pension fund, which are held
separately from those of the company. The pension scheme
funds can only be used in accordance with its rules and for no
other purpose.
On 1 April 2001, we introduced a de¢ned contribution
scheme for new employees after closing the BT Pension Scheme
to new entrants. The de¢ned contribution scheme has been
established under a separate trust from the existing BT Pension
Scheme, but also has company and union-nominated trustees
and an independent chairman. Its assets are held separately
from those of the company.
Reporting
A statement by the directors of their responsibilities for
preparing the ¢nancial statements is included in the statement
of directors’ responsibilities set out on page 71.
56 BT Annual report and Form 20-F