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Review of BT Pension Scheme (BTPS)

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There was a lot of speculation about BT Pension Scheme (BTPS- the defined benefit pension scheme) in the press over the weekend and Prospect is writing to clarify the position for its members.

It is important that members are fully aware of the challenges ahead and the nature of the process that will be undertaken. Much of the press coverage was sensationalised and sought to fit what facts were available into a wider pre-existing agenda.

Here are the relevant facts that members need to know:

 

  • BT has written to the unions to give notice on the 2009 agreement which put in place what we anticipated would be enduring measures to address the deficit at that time. BT now feels that conditions have worsened and by giving us notice they are able to initiate a further review. Prospect will want to fully understand the challenges faced by BT in relation to the BTPS.
  • It is important to emphasise that no proposed changes have yet been tabled by BT. Consequently the press coverage of the potential to close the BT Pension Scheme to future accrual is both premature and irresponsible.
  • BT and the recognised trade unions have worked very hard over the years to keep this scheme open and Prospect enter this latest pension review in the same spirit.
  • Part of that process will involve discussions between the company and the BT Pension Scheme trustees about the level of future payments required to secure benefits already built up in the scheme.

Prospect realises that this is a very unsettling period and that the press coverage over the weekend will have been very concerning to many members. Please be reassured that as soon as there are any real developments to report you will hear these directly from Prospect and BT and not in your morning ‘paper. It is also worth emphasising that all pension already accrued is fully protected under pension legislation.

The BT Committee fully appreciates how important this issue is to Prospect members. We enter this process determined to protect the defined benefit pension scheme as much as possible and also to ensure that the defined contribution (BTRSS) arrangements remain appropriate. If you have any questions please contact the negotiating team via This email address is being protected from spambots. You need JavaScript enabled to view it..

The stronger we are the better the outcome of the pension review will be – please speak to colleagues who are not members of a trade union about the importance of joining one at this time. It is easy to join Prospect online at: www.prospect.org.uk/joinus

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