BT Pension Scheme Review: Help please.

tigerspill

Just went onto the pension portal and tried to get a quotation. The only option it seems to give me is a "Transfer Out" option.
Am I looking in the wrong place or is it not giving me other options as I am not yet 55.
I clicked the Quotations link then there was a drop down menu with only this option.

robin61

tigerspill wrote: »

Just went onto the pension portal and tried to get a quotation. The only option it seems to give me is a "Transfer Out" option.
Am I looking in the wrong place or is it not giving me other options as I am not yet 55.
I clicked the Quotations link then there was a drop down menu with only this option.

Navigate to your scheme home page. You need to go to the my quotations tab at the top. Then select retirement planner. Then you can do a quotation for yourself. Once you have done that it's kept in the quotation history section.

tigerspill

robin61 wrote: »

Navigate to your scheme home page. You need to go to the my quotations tab at the top. Then select retirement planner. Then you can do a quotation for yourself. Once you have done that it's kept in the quotation history section.

Thanks for the steer. Got it now.

jennyjj

robin61 wrote: »

Actually this is looking a lot more positive for people approaching retirement than I had first thought it would be. I'm in scheme B and I've noticed the following.
1) The actuarial reduction rates for taking the pension early have been improved in our favour

Thanks for this. It's really building my hopes up.

Been left and deferred since 2010 and I'm 59 in a few months. (Scheme B ) Was planning to start drawing just after my birthday, taking a AR hit of about 5%.
If they DO apply an AR rate of more like 3% pa, then my pension and lump sum will be 2% more than it would have been, all else being equal. WOW!!!!!!!
Oh, I do so hope that the reduced AR is not just for currently employed members!!!
I requested my pack on 30 May and expect it in the post this week or next. I won't automatically know what reduction they've applied ( though should be able to estimate it pretty well)

Here's hoping.

jennyjj

jennyjj wrote: »

Thanks for this. It's really building my hopes up.

Been left and deferred since 2010 and I'm 59 in a few months. (Scheme B ) Was planning to start drawing just after my birthday, taking a AR hit of about 5%.
If they DO apply an AR rate of more like 3% pa, then my pension and lump sum will be 2% more than it would have been, all else being equal. WOW!!!!!!!
Oh, I do so hope that the reduced AR is not just for currently employed members!!!
I requested my pack on 30 May and expect it in the post this week or next. I won't automatically know what reduction they've applied ( though should be able to estimate it pretty well)

Here's hoping.

It's still looking promising.
https://www.btpensions.net/news/trustee-updates-actuarial-factors

Can hardly wait for my quote pack to turn up.
It really does seem that anyone starting to draw their pension early, just before 1 June will have missed out significantly.

tigerspill

jennyjj wrote: »

It's still looking promising.
https://www.btpensions.net/news/trustee-updates-actuarial-factors

Can hardly wait for my quote pack to turn up.
It really does seem that anyone starting to draw their pension early, just before 1 June will have missed out significantly.

I called W@W today and they confirmed the new rate was 3% for both B and C.

robin61

jennyjj wrote: »

It's still looking promising.
https://www.btpensions.net/news/trustee-updates-actuarial-factors

Can hardly wait for my quote pack to turn up.
It really does seem that anyone starting to draw their pension early, just before 1 June will have missed out significantly.

No mention there of it being only for current employees is there ? Good luck with it. Although I'm not sure it will make a huge difference to you. Your pension benefits pre 2009 are payable at 60 with no reduction. So if you are already 59 the better reduction rates are only applied to the few months until you are 60.
If you left in 2010 you have only a year's worth of pension contributions with a normal retirement of age 65. So you should benefit on that element of the reduction but remember it's only one year of contributions.

jennyjj

robin61 wrote: »

No mention there of it being only for current employees is there ? Good luck with it. Although I'm not sure it will make a huge difference to you. Your pension benefits pre 2009 are payable at 60 with no reduction. So if you are already 59 the better reduction rates are only applied to the few months until you are 60.
If you left in 2010 you have only a year's worth of pension contributions with a normal retirement of age 65. So you should benefit on that element of the reduction but remember it's only one year of contributions.

Thanks.
59 in Aug and looking to take it then so it's 2% ( 5-3 give or take ) uplift on my lump sum and future pension, if i pans out.
I don't give any consideration to my 20 months worth of post Apr 09 contributions. As you say they, and the improved rates on them are negligible.
But 2% on most of my lump sum is not to be sniffed at.

The impact would be much greater for those who are further out from nra. Someone 55 could be >10% better off having deferred just past 1 June.

tigerspill

jennyjj wrote: »

Thanks.
59 in Aug and looking to take it then so it's 2% ( 5-3 give or take ) uplift on my lump sum and future pension, if i pans out.
I don't give any consideration to my 20 months worth of post Apr 09 contributions. As you say they, and the improved rates on them are negligible.
But 2% on most of my lump sum is not to be sniffed at.

The impact would be much greater for those who are further out from nra. Someone 55 could be >10% better off having deferred just past 1 June.

I didn't think the lump sum was actuarially reduced. Have I got this wrong?

jennyjj

tigerspill wrote: »

I didn't think the lump sum was actuarially reduced. Have I got this wrong?

Yes. the actuarially reduced standard TFLS is 3x the actuarially reduced pension.