The Trustee has now published the Summary Funding Statement outlining the results of the 30 June 2016 actuarial interim assessment.
BT have announced that they have commenced a review of the BT Pension Scheme (BTPS) benefits.
Reforms in April 2016 introduced the new State Pension. Most people reaching State Pension Age this year won’t be entitled to the full amount. How much will your State Pension be?
Following the announcement of a general election, the Government is expediting the Finance (No 2) Bill before Parliament is dissolved on 3 May 2017.
After much speculation, the Treasury has announced that it would not be looking to implement ‘significant changes’ to the UK’s pension taxation system.
The BTPS Additional Voluntary Contribution (AVC) facility is a tax efficient way to improve your retirement savings. You can pay extra contributions into the BTPS which are invested within a fund and which, adjusted for investment returns, are applied at retirement to provide additional pension and/or tax-free lump sum benefits. More information can be found in the AVC Guide, which can be downloaded from Useful documents.
If you pay AVCs into the BTPS you benefit from:
You should be aware that there are also other ways to increase your retirement savings:
It is for you to decide which the best savings method is for you. As for any savings it is recommended that you seek independent financial advice. A financial adviser may charge you a fee for advice.
Please select from section A, B or C
For members who joined the Scheme before 1 December 1971
For members who joined the Scheme before 1 December 1971 and 31 March 1986
For members who joined the Scheme on or from 1 April 1986 but before the Scheme closed on 31 March 2001