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As across this whole website, some articles are only available to registered users, if you are member of the union register if not apply to join and then register - you know it makes sense.

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This site is being updated. However because of the immense amount of material on the site it is taking me some time. When the new site is populated this site will be closed and the updated site will be launched. In the meantime new information is only being added to the new site . You can see how the updated site is coming along here.

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PIE

COMPANY PENSIONS – Changing Shape

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In recent times most large companies have been searching for ways to reduce their deficits. It is easy to take ourselves back the ‘Pension Holidays’ that many companies enjoyed with the compliance of their Pension Fund Trustees – that was around 1993. Perhaps the most notable step so far has been to fully abandon the brilliant Defined Benefit approach which works out your pension using years served and your final salary as key components. Most reading this would have been in one of these schemes rather than its replacement ‘Defined Contribution’ that is far more focused on the sum accumulated over the life of the job. Hence the resulting pension is far more in-line with Private Pension schemes that turn pension pots into ‘Annuities’ and are dependent on the moment you set up the annual pension (based on the prevailing annual interest rate) and the management fees for the privilege of doing this.

Rep-019/13

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From: Ben Marshall – National Secretary
To: Connect Branches
Date: 08/05/2013

rep-019/13

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BT Pension Scheme: Pension Increase Exchange (PIE) for Retired members

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As part of the 2009 agreement reached between the unions and BT on the future of the BTPS, we agreed that individual members would have the flexibility to swap an element of their future pension increases for a higher initial pension – a Pension Increase Exchange or PIE. This has been available to people activating their pension since 1 April 2009 but the agreement also envisaged the possibility of this being made available to existing pensioners – that is, those who retired or activated their pension prior to 1 April 2009.