The BBC, the UK's public broadcaster, is set to close its generous defined-benefit pension scheme to new joiners, as the pensions cuts that have already swept through the country's private sector begin to toll on state employees in the wake of the financial crisis.

On a conference call this morning, BBC chief financial officer Zarin Patel said the changes would save the organisation "about a third" of its annual pension contributions. Last year, the broadcaster paid £222m (€274m) into the fund.