On 5 June 2018, the Trustee wrote to Section A and B members who are potentially affected by a court application currently being brought by BT.
BT has applied to Court for a judicial review of an HM Treasury decision that could impact how pensions in payment are calculated for certain Section B members.
From time to time the Trustee carries out a formal review of the actuarial factors which are used to calculate certain pension benefits.
The Trustee of the Scheme has updated the Privacy Notice, which explains how we manage the personal information that we hold.
BT and the Trustee of the BT Pension Scheme have reached agreement on the 2017 triennial funding valuation.
From time to time the Trustee carries out a formal review of the actuarial factors which are used to calculate certain pension benefits. Such a review has recently been completed and the Trustee has decided to update the actuarial factors used to calculate member’s benefits on retirement with effect from 1 June 2018. If you retired before 1 June 2018, this will not affect the retirement benefits provided to you. If you have already requested to retire on or after 1 June 2018 your pension benefits will automatically be calculated on the new factors for your selected retirement date.
The terms on which pension benefits are calculated are reviewed regularly by the Trustee and will continue to change from time to time.
Please note that if you receive improved benefits (relative to those in your quote issued before 1 June 2018) as a result of the change to actuarial factors then this may impact your tax position in relation to the annual or lifetime allowances. If you think you may be in this position and wish to reconsider your retirement choices as a result, please contact us on 0800 731 1919 and ask for a new quote. Please remember that when considering your tax position in relation to the annual or lifetime allowance you must take into account all your pension arrangements and not just your BTPS benefits.
For more information on the current lifetime and annual allowances, please see the government website https://www.gov.uk/tax-on-your-private-pension/overview.
Please select from section A, B or C
For members who joined the Scheme before 1 December 1971
For members who joined the Scheme between 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