BT PENSION AND PAY DEAL ENDORSED BY CWU MEMBERS

For immediate release

02 May 2018

BT Pension and pay deal endorsed by CWU members

CWU members’ working for BT and BT Fleet have voted to accept a pension and pay agreement covering 45,000 non managers.

BT announced a review of its pension arrangements last year and has since announced that the defined benefit BT Pension Scheme will be closing for future service at the end of June.

The legally binding agreement was recommended by the Union following months of talks and a rejection of BT’s original proposals in January 2018.

The Agreement includes the following key elements.

  • A new Hybrid pension for existing BTPS members which includes both defined benefit and defined contribution benefits.
  • Transitional payments of up to 10 years for existing BTPS members.
  • Improvements in the BTRSS – with 70% of team members getting a 25% increase in BT contributions.
  • A pay rise of at least 6% over two years.

Members voted to accept the pay offer by 78.6%; while 58.2% of BTPS members voted to accept the proposals, and BTRSS members voted by 81.2% to accept.

Andy Kerr, Deputy General Secretary Telecoms & Financial Services said: “I am pleased that our members have backed this key agreement. This has been a difficult, complex and emotive issue, especially for those in the BTPS.

 

We said that BT could pay more and we deserved a better deal. By working together we significantly improved BT’s proposals and achieved a better deal for our members.”

Notes: 

  1. The CWU represents 45,000 team member grades in BT and BT Fleet.

 

  1. The BT Pension Scheme (BTPS) is a defined benefit pension which closed to new joiners in April 2001.

 

  1. The BT Retirement Saving Scheme (BTRSS) is a defined contribution scheme which has operated since April 2001.

 

The Communication Workers Union (CWU) is the biggest trade union in the communications industry with 190,000 members in post, telecoms, mobile and financial services companies including Royal Mail Group, Post Office, BT Group, EE, O2 and Santander.

 

For further comment please contact:

 

CWU Press Office: 020 8971 7267 / 07793 314249 / pressofficer@cwu.org