Behind the headline of 13,000 job losses over the next three years at telecoms giant BT, there lies another story.

CFO Simon Lowth, who joined from energy group BG in 2016 has had to address one of the biggest pensions deficits in the private sector –  a legacy of BT’s previous existence as a nationalised company with generous pensions.

Given the ever lengthening life expectancy of retirees, the pension scheme’s deficit has shot up to £11.5bn and so BT is to pump £4.1bn into the scheme by 2020.

Lowth is having to deal with the prospect facing many CFOs-  a pension challenge that never seems to go away.