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 leave the Company before Normal Pension Age then you have to leave the Scheme.
You can then choose:
Deferred pension benefits will be based on your Final Pensionable Salary and Pensionable Service at the date of leaving. The benefits will be retained in the Scheme and increased in line with the Scheme's pension increase arrangements until they become payable - i.e. until you retire or die.
If you leave your deferred pension in the Scheme and then suffer ill health, you may apply to take it early without an early retirement reduction on ill-health grounds or you may apply to take your deferred pension early with an early retirement reduction.
If you have a deferred pension and die before Normal Pension Age, your Spouse, Civil Partner or Adult Dependant and any eligible children will receive pensions similar to those that would have been payable if you had died in service. However, there will be no enhancement of Pensionable Service. In addition, a preserved lump sum death benefit would be payable. For more details of the benefit see the Member Booklet in the Useful documents section of this website.
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