BT, the UK telecoms group, could be facing a pensions deficit of over £6bn (€8bn) rather than the £900m surplus it reported in its results today because of changes to accounting standards proposed last week.

BT said in its third quarter results this morning its pension scheme - valued at £39.7bn, nearly twice the company's market capitalisation - had £900m, before tax, more than it needed to pay future pensions as at December 31.