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In Spetember 1991 BT sent a document to employees. The first few lines of which are:
"BENEFIT STATEMENT PACK FOR BTSSS MEMBERS
"As a member of BTSSS you will be receiving a Personal Benefit Statement each year showing estimates of your pension benefits.
"In the pack enclosed you should find:-
"A sealed envelope containing your Personal Benefit Statement and the Members Report 1991. (Some members may have already received their Statements).
"A 'Question and Answer' sheet."
One of the items in the question and answers was:
"WHAT IS PENSIONS INCREASE BASED ON?
"On the movement in the Retail Price Index (RPI) up to September in every year. The increase is then payable the following April."
No caveats just misleading and wrong information -- yet aparently it is ok for the compnay so to mislead.
|Your Pension BTSSS||1985||Your pension will be linked to the pensions increase legislation. If you are receiving a BTSSS pension and are age 55 or over or if you are retired, with immediate payment of pension, on ill health grounds then your BTSSS pension will be increased -generally each year, with effect from late November in accordance with the legislation. This is usually referred to as index linking.||None|
|BTNPS members Handbook||1988||
Each year BTNPS pensions in payment, except for those pensions purchased by additional voluntary contributions, will be increased to reflect the increase in the General Index of Retail Prices subject to a maximum increase of 5%.
|Securing Your Family's Future||Sep-1990||All pensions are now index-linked and increased annually from the date of payment.||Please note: this leaflet is intended to give general guidance and is not a legal document and does not form part of an individual's contract of employment. It confers no rights which the Trust Deeds of the BTSSS and BTNPS do not confer.|
|BTSS & BTNPS Report to Members||31-Dec-1992||BTSSS. Under the terms of the Trust Deed pensions increases in BTSSS are 'index linked', i.e. they are increased in line with inflation as measured by the Retail Price Index (RPI), in the same way as Civil Service pensions. Under these arrangements an increase of 4.1 % was paid in April 1992 and a further 3.6% is being paid from April 1993.BTNPS. The rules require increases to be kept in line with inflation as measured by the Rill, provided the annual increase is 5% or less. Any additional increases are at the discretion of BT.||None|
|BT Pension Scheme Sections A&B: Explanatory Booklet for members who joined before 1 April 1986||Mar-93||Pensions in payment in excess of the Guaranteed Minimum Pension (GMP) are at present increased by the Scheme at a rate equal to the increase over the 12 months to September the previous year in the cost of living -as measured by the General Index of Retail Prices (RPI).||This booklet has been prepared to provide all Section A & B members of the BT Pension Scheme with a summary of the main benefits available from the Scheme and some details about the way the Scheme works. The booklet is not intended to be comprehensive and any explanation in it is subject to the Trust Deed and Rules which govern the Scheme. A copy is kept in your personnel unit.|
|BTPS Report to Members 1995||1995||Section A/B pensions are "index-linked", i.e. they are increased in line with inflation as measured by the Retail Price Index (RPI), in the same way as Civil Service pensions. An increase of 1.8% was paid from April 1994 and a further 2.2% is being paid from April 1995.||None|
|Early Leavers Section A/B Issue 3:||Jun-98||Your pension and lump are fully indexed linked whilst held in the BTPS and will, therefore, reflect cost of living increases during the period of deferment.||None|
|BT Pension Scheme Section A/B: Explanatory Booklet for members who have BT Pension Scheme membership before 1 April 1986||Sep-99||Pensions in payment in excess of the Guaranteed Minimum Pension (GMP) are at present increased by the Scheme at a rate equal to the increase in the cost of living over the 12 months to September of the previous year -as measured by the Retail Prices Index (RPI).||This booklet provides a summary of the main benefits available from Section B of the BT Pension Scheme (BTPS) and some details about the way the Scheme works. The booklet is not intended to be comprehensive and any explanation in it is subject to the Trust Deed and Rules which govern the Scheme.|
|A guide to the Pensions Increase: Issue 12||Mar-06||BT Pensions are increased annually from the start of the first full pay period commencing on or after 1 April. Section A/B pensions are increased in line with the rise in the Retail Prices Index for the twelve months to each September whereas Section C pensions are increased in line with the December Index up to a maximum 5% per annum.||None|
|Pensions Update||2007||The Scheme Rules currently result in the rates of increase for Section A/B and Section C pensions being based on the annual rise in the Retail Prices Index (RPI) to each September and December respectively.||Implicit|
|PMW Payslip||30-Apr-08||BT Pensions are increased annually from the start of the first full pay period commencing on or after 1 April. Section A/B pensions are increased in line with the rise in the Retail Prices Index over the 12 months to September 2007.||None|
|Trustee Report||2009||The Scheme Rules currently state that the rates of increase for Section A/B and Section C pensions are based on the annual rise in the Retail Prices Index [RPI) to each preceding September and December respectively. Please note that the rates of increase for Section C pensions are capped at 5%.||None|
|BT Pension Scheme Annual Report||2009||Pensions are increased annually in line with the Retail Price Index.||The following tables summarise the main terms applying to BTPS members in Section B and Section C as at 31 December 2009. The tables are not intended to be comprehensive and any explanation in it is subject to the Trust Deed of the Scheme.|
|BT's UK Pension Review||Feb-09||
• Section B pensions are guaranteed to increase each year in line with Retail Prices Index (RPI).
• Section C pensions have similar increases but are capped at 5% each year.
|Please note: this document is only a summary description of benefit changes. BT's pension arrangements are governed by the Rules of the respective arrangements from time to time, If there is any discrepancy between the description of benefits (or any other scheme information issued) and the Rules of the 8T pension arrangements. the Rules of the BT pension arrangement will prevail. The BT Pension Scheme Trust Deed and Rules will be amended to Implement these changes. subject to the agreement of the BTPS trustees and the unions.|
|AC Payslip||30-Apr-09||BT Pensions are increased annually from the start of the first full pay period commencing on or after 1 April. Section A/B pensions are increased in line with the rise in the Retail Prices Index over the 12 months to September 2008.||None|
|Trustee Report||2010||As at April 2011, the Scheme Rules require the rates of pension increase for Section A/B to reflect the annual rise in the Consumer Prices Index (CPI) to each September, The basis of the increase for Section A/B pensions corresponds to that for the Principal Civil Service Pension Scheme, from which the Scheme was originally derived.||None|
|Pensions update||Mar-11||Nothing on pension increases||None|
[From the NFOP magazine]
PAUL SPENCER, Chairman of the BT Pension Scheme, reported at the Annual Meeting with N.F.O.P and the unions last month that the fund had made an 11.8 percent return in 2010, despite the problems in the Eurozone financial markets. The fund rose to £36,698 million from £34,112 million in 2009. BT made a contribution of £800 million in 2010, which included a £525 million deficit payment.
Thank you for your enquiry regarding the BT Pension Scheme (BTPS) benefits that become payable to you on 23/03/2015.
The value of benefits as of 1st April 2005, are as follows:-
Amount of pension at date of leaving: £ 9,548.28 pa
Plus Pensions Increase to above date: £ 1,732.78
TOTAL PRESENT VALUE OF PENSION £11,281.06
Net amount of lump Sum at dale of leaving: £ 28.644.84
Plus Pensions Increase to above date: £ 5,198.35
TOTAL PRESENT VALUE OF LUMP SUM: £ 33,843.19
Dale pensionable service commenced 14/07/1980
Pensionable pay on which )'Our benefits are based: £43,126.03
Your pension is equal 1/80 x pensionable pay x pensionable service.
In the event of your death prior to the payment of your pension, there would be a death benefit payable at the discretion of the Trustees, there would also be a pension payable to any spouse of up to 50% of the current value of your pension.
BTPS benefits continue to attract pensions increase on an annual basis equal to the movement in the Retail prices index until the date they become payable and your pension will continue to attract annual increases throughout its payment. We cannot forecast what these increases are likely to be. Please retain this letter for future reference.
Should you have any queries, please call Peopleline, Accenture HR Services Pensions Helpdesk, on 0800 731 4747, quoting our reference.
In a report on BTSSS & BTNPS that BT sent to me and all other members of the schemes in 1993 it unequivocally told me that in retirement my pension would be increased by RPI. Yet now they say that they will unilaterally change it to CPI. They must have been lying to me and all the other members of the scene.
"Pensions in payment are reviewed and increased in April each year.
"Pensions in payment in excess of the Guaranteed Minimum Pension (GMP) are at present increased by the Scheme at a rate equal to the increase over the 12 months to September the previous year in the cost of living - as measured by the General Index of Retail Prices (RPI).”
The full booklet can be downloaded here.