BT Pension Retirement Statement
Options
Comments
-
As I understand it, the OP had deduced that it was 11%, based on a comparison to her actual final salary and her years of contribution, but had overlooked the fact that her pension has been growing since she quit.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.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?
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!
Hi JennyAs I understand it, the OP had deduced that it was 11%, based on a comparison to her actual final salary and her years of contribution, but had overlooked the fact that her pension has been growing since she quit.
The quote I had made sense in terms of a 28% reduction once you had pointed out the annual increase (I got logged onto the portal and was able to see what my current age 60 pension will be).
All was well in my world at that point however this morning BT pensions sent me an email of the reductions and low and behold the 11% figure at age 51 appears - I cut and paste the response in an earlier posting today.
Further clarification from pensions requested!0 -
This is very odd.Hi Jenny
The quote I had made sense in terms of a 28% reduction once you had pointed out the annual increase (I got logged onto the portal and was able to see what my current age 60 pension will be).
All was well in my world at that point however this morning BT pensions sent me an email of the reductions and low and behold the 11% figure at age 51 appears - I cut and paste the response in an earlier posting today.
Further clarification from pensions requested!
The reduction of 28.6% as shown in the latest table from Tigerspill is correct. That's the reduction rate applied to the full pension and the lump sum.
The table that mbee posted is in a similar format but shows massively lower reductio rates (11.1% at 51 ) The quote in Mbee's table has the letters GMB above the table. So it seem's he/she has been quoted something completely different to Actuarial reduction rates. Certainly not 11.1%. That would be insane AR rate.0 -
No way those rates are right. Rates reduced in June, but not that far.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!
https://forums.moneysavingexpert.com/showpost.php?p=74433375&postcount=920 -
I know! Someone at BT pensions must have got it very wrong in their response to my query. But that is an exact cut and paste of my question and their response I'd love them to be right as I'd take that reduction in a heartbeat.No way those rates are right.
Guess I'll just have to see how they answer my follow up query0 -
In light of this outrageously wrong info, I'd suggest that when you ring up, you should challenge them on just that one 11% number and if they say that's what it is, you should insist to be put through to the UK team. They are perfectly capable of transferring you through, just very stubborn. I find it helpful to repeatedly ask the advisor's name and ask if the call is recorded. That helps focus attention.I know! Someone at BT pensions must have got it very wrong in their response to my query. But that is an exact cut and paste of my question and their response I'd love them to be right as I'd take that reduction in a heartbeat.
Guess I'll just have to see how they answer my follow up query0 -
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.
Can confirm it works for me too, and I left 2 years ago. Interestingly, I enrolled some time ago and previously just got visibility of my AVC fund (which was still useful). It's only been in the last couple of weeks that I can now suddenly see BOTH my section b pensions (yeah, I actually have two deferred section Bs, one before I TUPEd out, and another from when I TUPEd back in!)0 -
I'm a bit further on but it's slow progress dealing with BT Deferred benefits team!
Got some actual figures which I can work back to get the true reduction %
Current Value as of today - £15819 per annum (payable at NRA, which for the majority of my pension is 60) (£3862 lump sum)
Benefits as of 28/06/18 (51st birthday) - £11402 per annum (£2313 lump sum)
So a reduction of around 28% to take my pension 9 years early, (slightly less as the dates are 2 months apart) which is favourable compared to reduction factors in my other pension scheme which is 4-5% per annum.
And I still can't get logged into the BT portal, I'm told it will be available for deferred employees some time in October.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards