The £38.4bn (€56.4bn) BT Pension Scheme, which is chiefly managed by Hermes Pensions Management, outperformed the average investment return for the UK's 50 largest pension funds last year.

The average return for the 50 funds was 10.7%, as calculated by performance measurement business WM. BT returned 12.7%. The pension scheme also beat its benchmark, which was 11.3%.