Taking BT Pension Early

robin61

tigerspill wrote: »

In my head I have left. I have spoken to my boss and made sure he understand my position and my desire to leave. I am maxing out SACs.
I am hoping I get another opportunity with the ongoing reorganisations.

Good luck with it. 13,000 is a lot to lose and I doubt they can do it all at once. So fingers crossed there will be more opportunities.

jennyjj

To Spenditornot...

Though I'm not formally qualified to give financial advice.... There are no gotchas. And to me it was a no-brainer to take it a little early when the actuarial reduction factors were recently slashed. They could go back up or even early drawing could be restricted one day.

If most of her contribution was pre-2009 and assuming she's scheme B, then absolutely take it at least by age 60.

IMHO, BT have plenty of stress from the pension deficit and are not at all averse to 'fannying' around with it with all sorts of creativity. E.g. when they created an insurance company just so they could get wholesale rates on longevity insurance, and latterly closing the scheme to existing members. That led me to mistrust the company just a little and as I saw it... 'A bird in the hand...'

Note. You can now access the pension portal outside of the intranet as a deferred member. You can request CETV's and quotes there or by phone. Once she starts drawing the pension, that portal access is withdrawn, which seemed odd but has been confirmed.

:beer:
Amusing footnote... I asked for my early payment to commence from the 31st August... That's what i got... In August, on 31st, they paid me one days worth....An amusing disappointment... Plus the tax free lump sum, of course.

jennyjj

tigerspill wrote: »

I believe you got out? Unfortunately my application to leave was rejected. Not happy..

Unlucky, TS, Good luck on next try. Maybe use any unfortunate delay to make best use of AVC's and Share Schemes?

Spenditnot

jennyjj wrote: »

To Spenditornot...

Though I'm not formally qualified to give financial advice.... There are no gotchas. And to me it was a no-brainer to take it a little early when the actuarial reduction factors were recently slashed. They could go back up or even early drawing could be restricted one day.

If most of her contribution was pre-2009 and assuming she's scheme B, then absolutely take it at least by age 60.

IMHO, BT have plenty of stress from the pension deficit and are not at all averse to 'fannying' around with it with all sorts of creativity. E.g. when they created an insurance company just so they could get wholesale rates on longevity insurance, and latterly closing the scheme to existing members. That led me to mistrust the company just a little and as I saw it... 'A bird in the hand...'

Note. You can now access the pension portal outside of the intranet as a deferred member. You can request CETV's and quotes there or by phone. Once she starts drawing the pension, that portal access is withdrawn, which seemed odd but has been confirmed.

:beer:
Amusing footnote... I asked for my early payment to commence from the 31st August... That's what i got... In August, on 31st, they paid me one days worth....An amusing disappointment... Plus the tax free lump sum, of course.

Thanks Jenny,

The plan was always to take it at 60 but now we're convinced it will be better to take it sooner with the lower reductions. As you say "a bird in the hand".

She's already registered on the pension portal and we've run a few quotes for various dates over the next 6 months. I take your point about the date and will get her to opt for the first of the month - just need to decide which month.

I didn't realise she'd lose access to the portal, I'll ask her to print anything we might want to refer to in future before it disappears.

tigerspill

jennyjj wrote: »

Unlucky, TS, Good luck on next try. Maybe use any unfortunate delay to make best use of AVC's and Share Schemes?

Thanks. I am maxing out AVCs at the minute each month.