BT Pension Review
BT Pension Review – Reject the Proposals
14 November 2017
BT is commencing the formal 60 day consultation on proposed changes to the company pension schemes on 15 November 2017.
The Company has just issued details of the proposed changes for both the BT Pension Scheme (BTPS) and the BT Retirement Saving Scheme (BTRSS) which may be implemented in April 2018.
The CWU has not agreed to any of the proposals.
BT’s proposals will be sent to home addresses this week and members should read the details carefully. In summary BT is proposing the following.
BT Pension Scheme
- Proposal 1: Close Sections B and C of the BTPS for team members from 1st April 2018 and use the BTRSS for future service. Transitional additional contributions would be paid by BT into the BTRSS for up to 10 years.
- Proposal 2: Team Members to continue membership Sections B and C of the BTPS after 31 March 2018 on a significantly amended basis. In particular, benefits would build up more slowly in the future and member contributions would increase.
In a separate consultation BT is proposing that Proposal 1 should apply to all Section B/C managers and those covered by the New Reward Framework.
BT Retirement Saving Scheme
- A 1% increase in BT’s contributions at all levels; make London Weighting pensionable; make changes to death in service benefits.
Tell BT No
Our response is clear:
- None of the proposals for either pension are acceptable.
- All options for both pension schemes should be rejected.
- You deserve better – BT can afford more.
BT must not make changes to either pension without agreement with the CWU.
More details are contained in the a leaflet which is being sent to all members at their home address this week.
Secure Your Future
This is a crucial time for members’ pensions and retirement plans. All CWU members are urged to respond to the BT consultation directly saying that you reject all the BT proposals for your pension and that you want BT to reach a negotiated agreement with the CWU.
Please note that the CWU is unable to give financial advice.