About

The review of the BT pension arrangements has been set up to look at the best ways to ensure that they remain flexible, fair and sustainable in the long-term. It focuses on the BTPS, BTRP and SLFPP which make up BT's principal UK pension arrangements.

We are committed to maintaining sustainable pension arrangements for our people as we've demonstrated with the additional £2.5bn top-up payments the company has made into the pension schemes over the past ten years. The review is aimed at ensuring that the schemes remain flexible, fair and sustainable for the long term and this can only be achieved by changing the way we currently operate these schemes. We also need to ensure that there is a fair distribution of benefits between the members of our three principal pension arrangements.

We are looking at how best to offer members more choice whilst recognising that the demands being placed on the schemes are increasing. People are living longer in retirement, the financial returns on pension scheme investments are lower than they were, and increased Government regulations have added to the costs. We also recognise that people increasingly want greater flexibility to manage their finances to meet their own particular circumstances. The company is looking to introduce changes to the scheme including the way future benefits are accrued.

The review started in June 2008, with meetings with the Unions and the Trustees. A consultation period with scheme members took place from 13 November to 13 January. The outcome of the consultation and confirmation of the agreed changes were announced on 30 January. Full details will be sent to people in February and March and published on this website. The agreed changes will be implemented from 1 April 2009.