Glossary
The meanings of many of the terms used in this site are set out below. For the definitive list of terms and their meanings, please see section 1 of the Rules.
Actuary
An independent person who is professionally qualified to give advice as to the
financial position of the Scheme. The Actuary will also give advice regarding the future funding
of the Scheme and other financial matters.
Adult Dependant
Any adult person who is wholly or partly financially dependent on an unmarried
member. The Trustees
will decide if a person is an Adult Dependent.
BT
British Telecommunications plc.
BTPS
BT Pension Scheme.
Company
British Telecommunications plc and/or subsidiary or associated companies whose
employees are admitted to the Scheme.
Dependent
Child/Children
Any child who is dependent on the member and is under the age of 17 or under
25, if in at least 2 years’ full-time education or training, or who is
physically or mentally incapable of self support. Children include the member's
offspring (whether legitimate or illegitimate), adopted children, step-children
and, in certain circumstances, children for whom the member is acting in the
position of a parent.
Earnings
Cap
The maximum earnings allowed by law upon which benefits
can be paid. The cap applies to members who joined the scheme after
Final Pensionable
Pay
Whichever is the greater of your highest level of Pensionable
Pay over any one of your last 3 years of Pensionable Service or the average
of your Pensionable Pay over your best 3 consecutive tax years of Pensionable
Service in your last 10 years of Pensionable Service.
Normal
Retirement Age
Age 60 for men and women.
PCSPS
Principal Civil Service Pension Scheme.
Pensionable
Scheme Salary
Your highest level of Scheme Salary over any continuous 12 month period in the
last 3 years of Scheme membership, subject to the permitted maximum allowed
as pensionable salary by the Inland Revenue Earnings ‘Cap’ (£105,600
at April 2005).
Pensionable
Pay
Your basic annual pay including any London Weighting
and certain other allowances but excluding overtime payments. (Sunday overtime,
however, is pensionable).
Pensionable
Service
Most of your benefits are based on your Pensionable Service (also known as Reckonable
Service) which normally comprises:-
Your service whilst
a member of the BT Pension Scheme and any of its predecessors.
plus
any service purchased within the Scheme by payment of a transfer value from
another scheme
plus
any added years of service bought by you Pensionable Service is calculated using
completed years and days.
Qualifying
Service
The type of service which, according to its length,
will qualify you for benefits under the BT Pension Scheme. Qualifying Service
is for most purposes the same as Pensionable Service.
Scheme
BT Pension Scheme.
Scheme
Salary
Your basic annual pay including any
S2P
The State Second Pension. This 'additional’ element
of state pension provision replaced SERPS on
SERPS
State Earnings Related Pension Scheme.
Spouse
Your legal wife or husband at the date of your death
(i.e. widow or widower).