Since our initial posting on 30 May informing you of BT’s proposed benefit review, BT has engaged with employees and the unions, including representatives from CWU and Prospect.
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.
If you die while you are still employed with the company and are an Active Member of the Scheme, then the following benefits will be paid:
If there is no Spouse or Civil Partner, at the discretion of the Trustee, an Adult Dependant's pension may be payable.
If you die whilst in Pensionable Service a minimum lump sum of three times your Final Pensionable Salary (or the lump sum which would have been paid if you had been retired on medical grounds at the date of your death, if greater) will be paid to your beneficiaries.
For more information please refer to the Death in Pensionable Service section of the Explanatory booklet for Section A Members which can be found in the Useful documents section of this website.
A pension for life will also be paid to your Spouse or Civil Partner. If you do not have a spouse or civil partner, you may nominate an Adult Dependant to the Trustee who may then consider them for a pension.
This pension will be calculated up to a maximum of half the pension you would have received on ill-health retirement (i.e. calculated on enhanced Pensionable Service).
However, your Pensionable Service for this purpose will be based on your Pensionable Service since 1 June 1972, or from the date of joining the contributory part of the Scheme, if earlier.
A pension may also be paid to a dependent child or children.
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