Review of BT Retirement Savings Scheme
27 December 2011
The 2008/9 Pension Agreement committed both BT and the unions to a further review of the BT Retirement Savings Scheme (BTRSS) within three years.
That review was sought by the Union, although the Agreement resulted in significant improvements to the BTRSS, we felt that further improvements were necessary and justified. We have now initiated this review, and have informed BT that we are seeking a number of improvements to this scheme, including:
- an increase in the employer contribution rate. It remains our objective that the BTRSS should have a 2:1 employer to employee contribution ratio.
- an increase in the minimum BT underpin payment – currently £1,500 a year for full time staff paying a contribution of at least 5%.
- improvements to the benefits payable on ‘medical retirement’.
- a facility to make allowances pensionable, particularly London weighting.