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.
Under current plans the State Pension Age is due to rise to age 68 by 2046. However, an independent report suggests that it should rise to age 68 by 2039 instead.
On 26 July Ofcom set out proposals for the establishment of Openreach as a separate company owned by BT plc
Membership of the Scheme offers you many valuable benefits. Not only does it present you with an opportunity to plan for your retirement but you also have the peace of mind that your family will be looked after in the event of your death. Lots more information on these benefits can be found on this website and in the Member Booklet, but at a glance these benefits are:
On retirement, you will receive a pension payable for life plus a lump sum.
The Company is responsible for paying the amount required to provide the benefits promised by the DB Section of the Scheme and its administration costs after allowance is made for the contributions paid by the Members (currently 6% of their Pensionable Salary). See What you pay for more information.
The opportunity to make Additional Voluntary Contributions and increase your future benefits.
The benefits you receive are linked to your period of Pensionable Service with the Company and your Final Pensionable Salary.
Benefits are provided whether you die before or after retirement. The death benefits payable will depend on your situation at the time of death.
The Pensions Portal provides 24/7 access to the secure members area where you can review your pension.
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