• Definition

Jargon Buster

Below, we have provided definitions of the keys terms used in the review process. (We will keep adding to these terms as more information becomes available throughout the review process.)

Accrual rate

Accrued benefits

Actuarial reduction

Actuarially Reduced Pension

Added years

Additional voluntary contributions (AVCs)

Benefit statement

BT Pension Scheme (BTPS)

BT Retirement Plan (BTRP)

Career Average Revalued Earnings (CARE)

CET

Company

Contribution Earnings Threshold (CET)

Deferred member

Deficit

Defined benefit (DB)

Defined contribution (DC)

Easement Period

Frozen member

Liabilities

Modeller

National Insurance (NI)

Normal Retirement Age (NRA)

Pensionable Earnings

Relevant service

S2P

Section A

Section B

Section C

Smart

State Pension

State Second Pension (S2P)

Surplus

Syntegra Limited Flexible Pension Plan (SLFPP)

Transfer value

Trust deed and rules

Trustees