BT Pension Review
Pension Update: BTPS / BTRSS / BT Hybrid
24 September 2018
This briefing provides an update on the implementation of the changes agreed as part of the Pension Agreement including an update on progress with establishing the new BT Hybrid Scheme.
Deferred BT Pension Scheme (BTPS)
All BTPS members at 30 June should have now received a statement detailing your closure benefits at your home address (the Closure Statement) and an email confirming enrolment into the BTRSS.
BT Retirement Saving Scheme (BTRSS)
The revised standard BT contribution rate of 10% and minimum BT payment of £2,000 (pro-rated for part time staff) have been in place since 1st June. BTRSS members can change their contributions via Your Rewards. More information is available at www.btretirementsavingscheme.com
BT Hybrid Scheme (BTHS)
The CWU has been working with BT on setting up the new BTHS which will be available for all those who were in the BTPS on 30 June 2018. It will combine both defined benefit and defined contribution benefits.
There are a range of complex issues to sort out including; drafting the rules; seeking approval from HMRC; upgrading systems, as well as sorting out the governance arrangements, appointing Trustees and an administrator.
BT is looking to resolve all these issues as quickly as possible, but the BTHS will not be going live in 2018. We are making good progress and are on track to launch in March 2019.
BT will provide more information, guidance and tools to help members decide whether to join in November.
Separately, BT is updating systems so that more allowances will trigger a BT pension contribution in both the BTRSS and BTHS from April 2019. These are: shift, night attendance (within standard hours), outside broadcast, and Sunday attendance (within standard hours).
BT Pension Briefings
Standard Life is currently running introductory sessions for the BTRSS and nearly 10,000 people have signed up to attend. For those who arenít able to attend, BT will be making a replay available and working with Standard Life to organise more sessions in the future.
Wealth at Work is also running more detailed seminars and webinars to help members better understand how pension benefits can work together in retirement.