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Gigantic pensions black hole dwarfs BAE'S [pounds sterling]1 billion profits.
By James Quinn, Daily Mail, London Knight Ridder/Tribune Business News
Feb. 25--BAE Systems' bumper [pounds sterling]1bn profits were marred by news that the defence giant's pensions black hole has swelled to [pounds sterling]3bn.
The deficit -- one of the largest in the FTSE 100 -- rocketed from [pounds sterling]2.1bn in December 2003 to [pounds sterling]3bn a year later.
It came in spite of a 51pc rise -- to [pounds sterling]192m -- in the amount that BAE paid into its pension pot last year. The spiralling deficit is a result of new mortality assumptions and a reduction in real discount rates last year.
Finance director George Rose …
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