BT Pension Retirement Statement

mbee123

The figures were revised in June 2018 and I think Tigerspill got those recently. There is no way that you will get only a 6% reduction at age 51. And there is no way that the figures will be 11.3% either. Why don't you ask the administrators to send you the tables and then you can be assured When I asked them for scheme B figures I got them the same day.

Something is wrong somewhere. What have you received that leads you to believe that you are being quoted only a 6% reduction ?

By the way the set of figures that mbee posted look like they refer to GMP ? Isn't that guarantee minimum pension. If it is then that's not what we've been talking about here and probably not relevant to you. So I would ignore.

I have questioned the reduction figures with BT but it sounds like you are right, in that it is probably the GMP element of my pension.
I am awaiting updated figures from BT which should make it simpler to determine if it makes sense for me to take my pension now

eaec001 - can you post your reduction rate figures when you get them please

mbee123

Anyhow, you may not be aware that the BT pension portal is now available to us outside of the intranet. And very handy it is too.
https://btpensionsportal.com/PWPUser/Account/Login?ReturnUrl=%2FPWPUser%2F

You can request quotes and transfer values easily there, and from that you can see what your unreduced pension would be.
At these reduction rates, it's almost a no-brainer, IMHO.

I've just tried registering for this and hit some problems, contacted help desk and was told it's not available to ex employees as yet which is why I could not log on, any other deferred members able to register and log on?

jennyjj

mbee123 wrote: »

I've just tried registering for this and hit some problems, contacted help desk and was told it's not available to ex employees as yet which is why I could not log on, any other deferred members able to register and log on?

That's bullspit. I left BT 8 years ago and am deferred section B. You can't be much more ex-employee than that. All I needed to enroll ( last month ), IIRC, was my precious EIN or pension number and a working email account.

tigerspill

mbee123 wrote: »

I've just tried registering for this and hit some problems, contacted help desk and was told it's not available to ex employees as yet which is why I could not log on, any other deferred members able to register and log on?

I though that one of the main reasons for making this accessible externally was because of exactly this - to allow those that have left to get access.

robin61

Teaandscones wrote: »

These figures are much better than the equivalent LGPS ones. For example, at age 55 there is a reduction of 24% compared to 14.7% at BT. I am not sure how that can be justified since both are supposed to be actuarialy neutral.

You would thinks so wouldn't you ?
The new reduction rates were introduced as part of the recently negotiated changes to the pension schemes and in parallel to that BT announced 13,000 mainly management job reductions. Not a lot by way of good news for younger people but in many ways it's worked out quite nicely for people closer to retirement.

eaec001

Sent: Wed, 8 Aug 2018 at 9:52
Subject: RITM3177121 - BT Pensions
Dear Miss.Cooper,

Thankyou for your response.

In regards to your enquiry.

1. What is the reduction per year for taking a pre-2009 Section C pension early?
Section C Members

Early payment of actuarially reduced pension after age 50

Pre April 09 service:

Retirement age 50 51 52 53 54 55 56 57 58 59 60
% reduction 12.1 11.3 10.4 9.4 8.4 7.2 6.0 4.7 3.2 1.7 0.0

Just received this from BT pensions! No wonder I get confused!

mbee123

Pre April 09 service:

Retirement age 50 51 52 53 54 55 56 57 58 59 60
% reduction 12.1 11.3 10.4 9.4 8.4 7.2 6.0 4.7 3.2 1.7 0.0

Thanks for posting, exactly the same figures as me, but there is some confusion over it being for all of the pension or GMP element, do you have all of the figures to calculate and see what the actual deduction is?

That's bullspit. I left BT 8 years ago and am deferred section B. You can't be much more ex-employee than that. All I needed to enroll ( last month ), IIRC, was my precious EIN or pension number and a working email account.

Still no joy getting a working log in, I've raised it with 3 different help desk staff, who gave me the same story, not available for deferred members as yet but it's coming!

jennyjj

No confusion, mbee123. The percentage reduction is applied to all of the future pension, in perpetuity.
It is also applied to the tax free lump sum, whichever option is taken.
Quotes and crystalisation forms tell you the reduced amounts that you will receive. If you want to know the unreduced value, that's available through the web site.

I do recall that when signing up for that web site, that there was something weirdly counterintuitive that made sign up either fail, or appear to fail. You need the correct pension reference ( I'd thought it was ein ) I can't remember what the obtuse stumbling point was but I did figure it out. Maybe it was required password strength. Try again, but very carefully follow the instructions.

eaec001

Mbee123
Sorry, replying is a bit odd on my phone!
I've now asked for exactly how they calculated my recent quote. Now I know that there are annual rises applied to my deferred pension (still feeling stupid about that) it is actually a 28% reduction that was applied not 11.3% as in this morning's email. So just when I thought it was all clear......

robin61

eaec001 wrote: »

Mbee123
Sorry, replying is a bit odd on my phone!
I've now asked for exactly how they calculated my recent quote. Now I know that there are annual rises applied to my deferred pension (still feeling stupid about that) it is actually a 28% reduction that was applied not 11.3% as in this morning's email. So just when I thought it was all clear......

That's in line with the scheme C figures Jenny posted. I don't really know what that 11% refers to but it certainly isn't the reduction for taking your pension at 51. Although it would be nice and an absolute no brainer.