BT, the UK telecommunications company, is expected to unveil a 7 billion deficit in its pension fund. Or so says a report in the London-based Independent on Sunday newspaper. If true, it will be the biggest such deficit in UK corporate history. Back in 1989, after the government had reduced full tax relief on pension fund surpluses, BT was one of the highest profile companies to take a pension fund contribution holiday. The scheme fell into deficit, as the fund surplus was spent on redundancy payments and investment returns shrank in the recession of the early 1990s.