BT Pension Scheme (C) 100% Clawback???

DK68

Essentially the Offset suspect MalAdministration from 5th April 2016 is the reason the Scheme Closed as it was an underhand attempt at altering Overall Accrual of the Scheme agreed in 2008, that would self reveal as people hit 35/35ths State Pension Accrual that the Scheme could not see or calculate ...but claimed to Offset against, after April 2016.


Pension Accrual was slowed in 2008 by Agreement , then moved to a snails pace Accrual in 2016 .. never Consulted , never Agreed. This is what makes the CARE period of the Pension Values so dire as two brakes were applied .. the none agreed 2016 one by stealth and impacting ONLY Active Closure Members (not Deferred Members). The betrayed Pension Members of y32k .org




So 32000 people @ £400 Offset Accrual between 2016 - 2018 (for example) for 20 years (age 67 to 87)


(32000 * 400) * 20 = £X



X £ of liability moved from Members Pensions to Deficit Reduction without Agreement from April 5th 2016.


Breaking the Trade Union Agreement on Offset and shattering Trust of all parties.


Now where can we find a Business Pensions Consultant that can help the Members ..we have Pensions and CETV Values to fix.

We must act quickly as people are hitting age 66 and 67 (State Pension Age).



lets see .....
Company Number = **** 3374

DK68

The OFFSET in the biggest UK pension Scheme is a Pension in payment transfer / reduction mechanism where from State Pension Age the Govt Earning related State Pension was to make up part of the Schemes overall 80th Accrual , using S2P.

A legally binding document restricting the use of the OFFSET ran from 2009 to 2018.
Yet in 2016 the CWU Trade Union and the Scheme allowed changes that breached the legally binding Agreement and reduced overall Pensions at State Pension Age. They had continued an Offset after the S2P was abolished thus making it a State Pension Interception. The Offset had never been linked to Basic State Pension Accrual of £200 per Annum and it could not therefore be linked to the Single Tier State Pension Accrual of £232 (as that accrual was finite @ 35 years which many Members had already reached and all members would reach after the Deed changes of 2016 to intercept none earnings related State Pension)

It is this 2016 - 2018 Offset that we therefore believe is Unlawful (none consulted and Contract breaking) Accrual Change by the Scheme. Prior to 2016 the S2P earnings related Pension Accrued was placed into Single Tier State Pension amounts , so that is all accounted for. This is not a Govt. State Pension issue or dispute.

What the Biggest UK pension Scheme did to Members (without Agreement or Consultation) in April 2016 , using the State Pension changes and unauthorised CWU bargaining (with no mandate or powers) at the 2017/2018 Pension Closure as cover :



2015/16 MAX. OFFSET OPERATION

1.Fixed Basic State Pension Accrual in 2015 = £200 not part of any Offset

2.Earnings related State Pension in the Legally Binding Offset Design = max. p.a £143 (erroneously stated by 2018 BT head of Pensions on behalf of BT as we see £167 p.a in the max. secretariat calculation due to Age discrimination)

3.Total State Pension Accrual pa Possible = £367

4.Max pre revaluation (S148) Offset pa = £167 (45.5% of SP) - The maximum revaluation (as it was done 2.25 years too late) for 1 year (2009/10) is 18% so £202 can be the revalued 09/10 Offset reduction per annum coming from just the first year of Offset.

5. None Earnings related State Pension intact (Outside Legally Binding Agreement on Offset) = £200 (54.5%)


2016/17 MAX. OFFSET OPERATION

1.Fixed ST State Pension Accrual in 2016 = £232 linked to BTPS by Unlawful 2016 Deed Changes

2.Earnings related State Pension in the Legally Binding Offset Design = max £0 p.a (As earnings related pension is abolished in Law)

3.Total (All Fixed none earnings related) State Pension Accrual p.a Possible = £232

4.Max pre revaluation (S148) Offset pa = £167 (now 72% of SP) - The maximum revaluation for 1 year (2009/10) is 18% so £202 can be the revalued 09/10 Offset.

5.None Earnings related State Pension intact (not left Outside Legally Binding Agreement on Offset) = £65.09 (28%)

n.b on point 4 - this is an even worse reduction for those the Offset was applied to that had no further State Pension Accrual (maximum Single Tier State Pension acheived) .. This was to be the progressive fate of all Members after the rogue, Single Tier State Pension Interception, Deed changes of 5th April 2016.

This is the State Pension Interception that the 2016 Deed changes tried to pass into Members from that point for every year the Scheme Operated , regardless of if any State Pension Accrual was even possbile. It is intended that unless rectified by March 2020 , Members will look to bring this issue to the High Court .. after first exhausting Ombudsman and Regulator and Parliamentary and DWP channels.

We cannot have disregard for Legally binding Agreements.

No 2009 Contracted in Business could link its Pensions to the new Single Tier State Pension that started in April 2016.
No law allowed for this and yet it was allowed to happen by the Trustee and Trade Union.

the result being the lowest pensionable paid having the highest Offset Reductions , based on their age and none Pensionable Earnings. (Age (2010 Equalities Act) , Overtime , none pensionable pay , bonus pay and allowances attached to Pension Reductions). One Engineer just months from State Pension age is facing an annual £1800 Offset Pension Reduction , with only 66% of that placed into Single Tier State Pension in 2016.
18% Revaluations taking place against 2009/2010 State 2nd Pension in 2018 when that S2P had been abolished in 2016 (S148 was 12% then) and as such should have been revalued at that time by the Scheme.

Instead of the Ofset ceasing when the S2P was abolished in 2016 (all square and in the Foundation Amounts of the single tier state pension) , it was continued by a none agreed Deed change and redesign of overall Accrual on 5th April 2016. The Pensions Board and the Trustee (two of which made the legally binding Agreement Contract in 2009) must now be held to account.

This must be resolved by a full retraction of all Offset Accrual after 5th April 2016.

The first ever mentions of reduced 1/105ths (its actually lower for many) Accrual in the Scheme come in Sponsor and Trade Union Communications in 2017 (positioning an open Consultation dispute as being Subsumed into Closure) ... the Scheme had operated for all its time before 2016, as an 80th or 90th Members Accrual as per the rules in the Scheme. This never at any point in any Agreement meant the Scheme could be 1/105ths (or lower) Accrual from State Pension age.

The Govt. change impacts were shifted left onto Members in 2016. This is a huge Pension Liability and loss for Members , especially low pension Members (none Executives). Instead of Consulting on Closing the Scheme at this point , the Scheme reduced Accrual whilst negotiations were taking place on the unlawful 2016 Deed changes ... including in 2017 none pensionable pay rises voted through by none BTPS Members.

The Agreement and the 2009 Deeds governing the scope of the Offset must soon be examined by the High Court.