BT loses appeal to change method of pension annual increases

Browntoa

Affects around 80,000 members in the "section C" final salary scheme. BT were hoping to change to CPI from RPI and had already lost the initial case.

https://www.theguardian.com/business/2018/dec/04/bt-loses-appeal-to-change-method-of-pensions-calculation

http://www.pensions-expert.com/Law-Regulation/BT-section-must-stick-to-RPI-Court-of-Appeal-says?ct=true

tigerspill

Fantastic news!
And they have not been given the opportunity to appeal to the supreme court so would have to do this that long way from scratch. And the SC have already ruled against Barnardos in a similar case.

Worried_pensioner

The union Prospect has hit out at BT for its decision to appeal a High Court ruling which could result in 8,000 pension scheme members losing up to £120m in benefits.

The telecommunication giant is seeking to reduce the benefits of members of Section B of the BT Pension Scheme who reach State Pension Age between 6 December 2018 and 5 April 2021, resulting in an average lose of £15,000 per member.

In November, the High Court turned down BT’s challenge to a Treasury decision which affected the level of pension increases, however on Tuesday (30 April), the Court of Appeal granted BT permission to appeal a previous reversal in the High Court.

AnotherJoe

A friend who worked for BT (and took voluntary redundancy when the terms were very generous) said to me once "BT is a pension fund that also runs a small telco" and I didn't really appreciate what he meant at the time.