BT Pension Review – Reject all the Proposals
BT launched a formal 60 day consultation on proposed changes to the company pension scheme on 15th November 2017. The CWU has not reached agreement on any of the proposals. BT’s proposals could radically change pension provision across the company with both the BTPS and BTRSS members affected by different proposals, which the union believes fail to provide decent pension provision in retirement, the CWU are urging members to firmly say no to all of BT’s proposals for both schemes.
The proposals are :
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 members of the scheme who are 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 attached leaflet which is being sent to all members at their home address this week. Please make sure that the leaflet is circulated as widely as possible.
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.
Video update from Any Kerr:-