In a release the union said its representatives voted "overwhelmingly" to endorse the agreement, reached "in principle" at the Advisory, Conciliation and Arbitration Service (ACAS) on Tuesday last week.
The deal commits the broadcaster to an annual increase in pension contributions in line with inflation up to CPI (consumer prices index) or to 4 per cent a year, whichever is the lower.
The broadcaster added at the time that the annual revaluation will be at the discretion of the BBC and the Pension Scheme Trustees and could be affected if there was "a period of prolonged deflation or if there was a very significant change to the BBC's financial position".
Announcing its endorsement of the agreement, the NUJ warned yesterday that it would review its position "in light of the actual deficit being agreed with Trustees and the full scheme rules being published" and could not rule out action if the deficit is lower than predicted.
An interim valuation by the Scheme's Trustees had put the estimated deficit at nearly £2 billion, according to a blog post by the BBC's chief financial officer Zarin Patel in June. It was later speculated by the BBC to be around £1.5 billion.
"In light of the significant concessions the BBC has made in recent negotiations, including agreeing to delay the implementation of any changes until after the full scheme valuation is agreed and the real size of the deficit is known, reps have today endorsed the agreement reached at ACAS," the union's general secretary Jeremy Dear says in a release.
"Reps will review the position once the actual deficit is published – and further action cannot be ruled out in the event that the deficit is lower than predicted".
The union said it agreed to the proposals following a commitment from the BBC to delay the implementation of changes to the pension scheme until the valuation is agreed between the BBC and the Trustees.
According to the NUJ the BBC also gave a guarantee not to seek to use its discretion in respect of pensions revaluation until at least April 2017. The full details of the agreement have been outlined by the NUJ within its report.
In an email to staff yesterday, Lucy Adams, director of business operations at the BBC said she was "glad" to announce the NUJ's endorsement of the agreement.
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