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Experts said the decision was a "victory" for BT and its retirees, because the guarantee was supposed to only apply to persons who have worked for BT until it was privatised in 1984.

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However, the Mann judge ruled that the "warranty is not limited to those who were members of the regime at the time of the transfer" and that everyone who has joined the company after the privatization, but before the scheme closed to new members in 2001, is "capable of being included.

John Ralfe, an independent expert of the pensions, said the decision means the guarantee was much wider than anyone who thinks "application" and applies to employees of privatization "which was not the Conservative Government" when it privatized the former Telecom monopoly.

He said taxpayers might ask why they were made for pensions of employees who joined BT after it has been privatisé.La Chancellor confirmed this week that the retirement age will increase to 66 in 2020, the current 60 for women and 65 for men.

Mr. Ralfe, hired by BT rivals to analyze the company's pension plan said that the taxpayer would be ￡ 7 United rather than 22 ￡ 8bn "on hook" If the warranty has been applied to only members of pre-privatization.

Paul Howard, an analyst at JP Morgan Cazenove, said: "we believe that the best possible result for the BT pension scheme members and Trustees of the scheme will provide a high degree of comfort.

Mr. Howard said that although the guarantee is "very unlikely" be exercised, because it only apply if BT insolvent, the decision "will allow the pension scheme trustees and its members to more easily sleep tonight."

He added that the pension plan deficit and consequently the risk for the taxpayer,

has declined significantly since the last evaluation triennale.Cela actually means any recovery in the unlikely event that BT becomes insolvent would be much smaller than 22 ￡ 8bn.

BT is committed to making good plan deficit by paying less than 525 m to ￡ in the schema for the next 17 years.

Decision may also affect the size of the fee for the BT pension scheme must pension boat the Pension Protection Fund, British, replenish so underfunded plans the collapse of the business.

Mr. Howard said that BT might be able to reduce its payments future deficit due to improved conditions, including the values of property, the increase of the retirement age and link pensions being linked to rather than the (IPD) retail price index (CPI) consumption price index.

A spokesperson for pension BT (Comporter) said: "this is a good result it provides greater clarity to the extent of the obligations of the Crown for the Comporter members and it is favourable for members".

The Department for business, who challenged the guarantee must apply only to members of the pre-privatisation, stated that it intended to appeal against the judgment.

People who have worked for companies acquired by BT are not covered by the warranty.

BT shares closed down 6.1%, or 4pc, 156.3 p.

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