BT 2015 Annual Report Download - page 181

179
Overview
The Strategic Report
Purpose and strategy Delivering our strategy Group performance Governance Financial statements
Additional information
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n the unliel event that the roup were to becoe insolvent there are additional protections of  ebers benefits
Feature Detail
&URZQ*XDUDQWHH The Crown Guarantee was granted by the Government when the group was privatised in 1984 and would only come into
eect upon the insolvency of BT.
The Trustee brought court proceedings to clarify the scope and extent of the Crown Guarantee. The Court of Appeal
judgment on 16 July 2014 established that:
– the Crown Guarantee covers BT’s funding obligation in relation to members of the Scheme who joined post-privatisation as
well as those who oined pre-privatisation subect to certain eceptions;
– the fundin obliation to which the rown uarantee relates is easured with reference to s obliation to pa deficit
contributions under the rules of the Scheme.
The Crown Guarantee is not taken into account for the purposes of the actuarial valuation of the Scheme and is an entirely
separate matter, only being relevant in the highly unlikely event that BT became insolvent.
Pension Protection
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he ension rotection und  a tae over the chee and pa benefits to ebers not covered b the
Crown Guarantee.
here are liits on the aounts paid b the  and this would not ive eactl the sae benefits as those provided
by the Scheme.
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n addition to the  the roup aintains benefit plans in ost other countries with a focus on these bein appropriate for the local aret
and culture.
fter the  the larest defined benefit plan sponsored b the roup is a plan in the etherlands with liabilities of around 10.
he  etireent avin chee  is the larest defined contribution schee aintained b the roup with around 9000 active ebers.
In the year to 31 March 2015, the group contributed £105m to the BTRSS.
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Treasury sharesaEmployee share
ownership trustaTotal
millions £m millions £m millions £m
At 1 April 2013 271 00 52 1 323 
Own shares purchasedb27 9 59 0 86 0
Share options exercisedb,c  172–– 172
Executive share awards vested – – 9 133 9 133
At 31 March 2014 232  62 0 294 9
Own shares purchasedb25 10 55 1 80 0
Share options exercisedb,c 6) 724 1 173 07) 897
Executive share awards vested – –  87  87
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The treasury shares reserve represents BT Group plc shares purchased directly by the group. The BT Group Employee Share Ownership Trust
the rust also purchases  roup plc shares.
The treasury shares and the shares in the Trust are being utilised to satisfy the group’s obligations under its employee share plans. Further details
on Employee Saveshare Plans and Executive share plans are provided in note 21.