BT Pension Scheme Review: Help please.

tigerspill

robin61 wrote: »

That explains why I wasn't previously aware of the enhancement then. I must say they could've been clearer about it being part of the new proposals.
Yep I saw the bit about being able to split the pre and post 2009 elements of the pension and take them at different times. Not until 2019 it seems.
Also I'm very interested to find out what the changes to the actuarial reduction rates will be. I'd kinda made up my mind to defer to 60 assuming I retire early but this might change things if it's generous enough. I hope they don't take too long. Apparently the trustees need to agree.

I believe the actuarial reduction rates are upon for review in 2018. I think this is done every three years. I have the current ones if you need them. Got them from Prospect a month back.
There seem to be a number of details need to be ironed out - yet we have to vote in the next week or so.

robin61

tigerspill wrote: »

I believe the actuarial reduction rates are upon for review in 2018. I think this is done every three years. I have the current ones if you need them. Got them from Prospect a month back.
There seem to be a number of details need to be ironed out - yet we have to vote in the next week or so.

Thanks I've got them. I was on a call with a chap from prospect and he was hopeful that the new rates will be worth having. He was talking of up to 1.5% per annum better but we all just have to wait and see. As you say it isn't good that they didn't have this all sorted for the review.

jennyjj

tigerspill wrote: »

I believe the actuarial reduction rates are upon for review in 2018. I think this is done every three years. I have the current ones if you need them. Got them from Prospect a month back.
There seem to be a number of details need to be ironed out - yet we have to vote in the next week or so.

Here's what I have from this summer ( sorry if forum splats it, will edit later )

Pre April 09 service:

Retirement age 50!!!51!!!52!!!53!!!54!!!55!!!56!!!57!!!58!!!59!!!60
% reduction 38.4 35.6 32.5 29.3 25.9 22.3 18.4 14.2 9.8 5.1 0.0


Post April 09 service:

Retirement age 50!!!51!!!52!!!53!!!54!!!55!!!56!!!57!!!58!!!59!!!60
% reduction 52.5 50.4 48.1 45.7 43.1 40.4 37.4 34.3 31.0 27.5 23.7


Retirement age 61 62 63 64 65
%reduction 19.7 15.3 10.6 5.5 0.0

tigerspill

jennyjj wrote: »

Here's what I have from this summer ( sorry if forum splats it, will edit later )

Pre April 09 service:

Retirement age 50!!!51!!!52!!!53!!!54!!!55!!!56!!!57!!!58!!!59!!!60
% reduction 38.4 35.6 32.5 29.3 25.9 22.3 18.4 14.2 9.8 5.1 0.0


Post April 09 service:

Retirement age 50!!!51!!!52!!!53!!!54!!!55!!!56!!!57!!!58!!!59!!!60
% reduction 52.5 50.4 48.1 45.7 43.1 40.4 37.4 34.3 31.0 27.5 23.7


Retirement age 61 62 63 64 65
%reduction 19.7 15.3 10.6 5.5 0.0

This is what I have for Section C. These seem to be slightly different. Are your numbers for Section B?

Pre April 09 service:
50 - 41.2
51 - 38.2
52 - 35
53 - 31.7
54 - 28
55 - 24.2
56 - 20
57 - 15.6
58 - 10.8
59 - 5.6
60 - 0


Post April 09 service:
50 - 54.4
51 - 52.2
52 - 49.8
53 - 47.4
54 - 44.7
55 - 41.9
56 - 39
57 - 35.8
58 - 32.4
59 - 28.7
60 - 24.8
61 - 20.6
62 - 16
63 - 11.1
64 - 5.8
65 - 0

robin61

tigerspill wrote: »

This is what I have for Section C. These seem to be slightly different. Are your numbers for Section B?

I can confirm that Section B and Section C have different rates. My colleague asked for the C rates the same time as I got the B rates and they were different.

Worried_pensioner

Strange Bt is trying to wriggle out of its commitments again. When the government changed the rule from RPI to CPI the pension scheme was mirroring the civil service scheme. We now have a letter saying they are a private scheme and want to change the rule's on GMP. Going to court again on the 29th of June . This could have a huge impact on people I hope that the trustees are representing the members this time.

Browntoa

https://news.sky.com/story/bt-sparks-legal-fight-with-government-over-pension-reforms-11359473

greenglide

Is this about inflation proofing of the GMP?


Government "took it away from everybody" in the implementation of the new State Pension and then had to give it back in public sector schemes (due to equalisation of pension ages complicating issues).


So public sector gets the GMP inflation proofing (and even better off as no link to the AP/COD when paid with the state pension) but private sector just gets the inflation proofing of the GMP in the state pension totally stripped out.


I blame the government over this - they should never have taken it away or if they did they should have told the truth rather than pretending that it never existed in the first place.

xylophone

See http://www.btpensionersreconnect.co.uk/GMP_Updated_Version_6a_30th_April_2018.pdf

Worried_pensioner

What a difference a month can make while the information was posted in April .BT has now decided to challenge the ruling in the high court . They essentially want to get the ruling overturned. I would encourage all section B members who will be affected to get involved.