"As for dividends, do bear in mind that they are repayments to investors for their money, just as interest is a repayment to a bank in return for a loan. If you stop paying dividends those investors will want their money back, i.e. they will sell their shares, which will depress the share price. That won't matter significantly to BT, but it will matter to all the other pension funds who have invested in those shares. That sort of kee-jerk "soak the rich" reaction isn't actually going to affect the people you think it is, and another £1bn for the pension fund isn't enough anyway."
If the company has a massive pensions deficit, then those investments haven't yet returned any profit for the investors... So why should the investors get dividends?