BBC pension deficit quadruples to £2bn

British Broadcasting Corp., the world’s oldest public broadcaster, will close its defined benefit pension program after the deficit more than quadrupled last year. The broadcaster, funded through mandatory license fees paid by British households with television sets, said the deficit climbed to about £2 billion ($3 billion) in April last year from £470 million a year earlier.

The broadcaster will close the defined benefits program for new members from Dec. 1 2010, the BBC said, adding that a new contribution plan will be introduced. Defined benefit plans link retirement payments to length of service and final salary.