BT Pension Scheme Review: Help please.

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  • jennyjj
    jennyjj Posts: 346 Forumite
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    jennyjj wrote: »
    Yes. the actuarially reduced standard TFLS is 3x the actuarially reduced pension.

    An FYI for BT Deferred members. I just spoke to BT Pensions. Advisor confirmed that the new actuarial reduction rates WILL apply to me as a deferred member.

    Taking mine 1 year early will mean it's (mostly) reduced by 3.4% rather than 5.1%. That's the clincher for me. Awaiting my quote, which she told me could take up to 30 days (14 has been more typical)

    The new rates are,... (forgive the formatting)

    Section B Members

    Early payment of actuarially reduced pension after age 50 effective from the 1st of June 2018.

    Pre April 09 service:
    Retirement age 50 51 52 53 54 55 56 57 58 59 60
    % reduction 26.4 24.4 22.2 20.0 17.6 15.0 12.4 9.5 6.6 3.4 0.0

    Post April 09 service:
    Retirement age 50 51 52 53 54 55 56 57 58 59 60
    % reduction 38.2 36.6 34.8 33.0 31.0 29.0 26.8 24.5 22.1 19.5 16.7

    Retirement age 61 62 63 64 65
    %reduction 13.8 10.7 7.4 3.8 0.0

    The old rates were...
    Section B 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 38.4 35.6 32.5 29.3 25.9 22.3 18.4 14.2 9.8 5.1 0

    Post April 09 service
    Retirement age 50 51 52 53 54 55 56 57 58 59 60
    % Reduction 52.5 50.4 48.1 45.7 43.1 40.4 37.4 34.3 31 27.5 23.7

    Retirement age 61 62 63 64 65
    % Reduction 19.7 15.3 10.6 5.5 0
  • tigerspill
    tigerspill Posts: 774 Forumite
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    jennyjj wrote: »
    Yes. the actuarially reduced standard TFLS is 3x the actuarially reduced pension.

    Thanks for clarifying.
  • tigerspill
    tigerspill Posts: 774 Forumite
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    jennyjj wrote: »
    An FYI for BT Deferred members. I just spoke to BT Pensions. Advisor confirmed that the new actuarial reduction rates WILL apply to me as a deferred member.

    Taking mine 1 year early will mean it's (mostly) reduced by 3.4% rather than 5.1%. That's the clincher for me. Awaiting my quote, which she told me could take up to 30 days (14 has been more typical)

    The new rates are,... (forgive the formatting)

    Section B Members

    Early payment of actuarially reduced pension after age 50 effective from the 1st of June 2018.

    Pre April 09 service:
    Retirement age 50 51 52 53 54 55 56 57 58 59 60
    % reduction 26.4 24.4 22.2 20.0 17.6 15.0 12.4 9.5 6.6 3.4 0.0

    Post April 09 service:
    Retirement age 50 51 52 53 54 55 56 57 58 59 60
    % reduction 38.2 36.6 34.8 33.0 31.0 29.0 26.8 24.5 22.1 19.5 16.7

    Retirement age 61 62 63 64 65
    %reduction 13.8 10.7 7.4 3.8 0.0

    The old rates were...
    Section B 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 38.4 35.6 32.5 29.3 25.9 22.3 18.4 14.2 9.8 5.1 0

    Post April 09 service
    Retirement age 50 51 52 53 54 55 56 57 58 59 60
    % Reduction 52.5 50.4 48.1 45.7 43.1 40.4 37.4 34.3 31 27.5 23.7

    Retirement age 61 62 63 64 65
    % Reduction 19.7 15.3 10.6 5.5 0


    I think I need the Section C numbers. Could I ask which number you called for this info?
    Thanks
  • jennyjj
    jennyjj Posts: 346 Forumite
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    edited 19 June 2018 at 5:14PM
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    tigerspill wrote: »
    I think I need the Section C numbers. Could I ask which number you called for this info?
    Thanks

    I called the 0203 number, but both seem to go the same way...

    0800 731 1919
    Outside the UK
    0203 0233420

    I have the old section C numbers if you need them
  • tigerspill
    tigerspill Posts: 774 Forumite
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    jennyjj wrote: »
    I called the 0203 number, but both seem to go the same way...

    0800 731 1919
    Outside the UK
    0203 0233420

    I have the old section C numbers if you need them

    Thanks for this. Have the old Section C numbers. W@W gave me a different story today from yesterday.
  • jennyjj
    jennyjj Posts: 346 Forumite
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    tigerspill wrote: »
    Thanks for this. Have the old Section C numbers. W@W gave me a different story today from yesterday.
    Different how? Please don't say we don't get these better rates !!!

    One thing not mentioned anywhere yet are the other actuarial factors that will modify commutation rates for those who wish to take greater or lesser lump sums than the standard 3 years.

    Really itching to get my quote. Sitting behind the letter box every day like a nutty jack russell waiting for his master to come home.

    I figure they have a backlog, though some say that there's a freeze on quotes 'because of the scheme closing'
  • skycatcher
    skycatcher Posts: 330 Forumite
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    jennyjj wrote: »
    Different how? Please don't say we don't get these better rates !!!

    One thing not mentioned anywhere yet are the other actuarial factors that will modify commutation rates for those who wish to take greater or lesser lump sums than the standard 3 years.

    Really itching to get my quote. Sitting behind the letter box every day like a nutty jack russell waiting for his master to come home.

    I figure they have a backlog, though some say that there's a freeze on quotes 'because of the scheme closing'

    If it's overdue I would chase it.... They lost my request for a quote and in the end it took 2 months to arrive last year!
  • jennyjj
    jennyjj Posts: 346 Forumite
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    skycatcher wrote: »
    If it's overdue I would chase it.... They lost my request for a quote and in the end it took 2 months to arrive last year!

    Thanks. I chased it today, but nominally it's not overdue. Just due :)
    When it comes, I have the task of figuring out what reduction rates they applied. I believe i have what it takes to do that. Then sign and post.... My pen is ready and my hand is twitching.
  • skycatcher
    skycatcher Posts: 330 Forumite
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    jennyjj wrote: »
    Thanks. I chased it today, but nominally it's not overdue. Just due :)
    When it comes, I have the task of figuring out what reduction rates they applied. I believe i have what it takes to do that. Then sign and post.... My pen is ready and my hand is twitching.

    It would be interesting to hear what your analysis is of the changes when you eventually get the quote. I'll be 59 in Nov this year and starting to seriously consider taking it then.
  • jennyjj
    jennyjj Posts: 346 Forumite
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    skycatcher wrote: »
    It would be interesting to hear what your analysis is of the changes when you eventually get the quote. I'll be 59 in Nov this year and starting to seriously consider taking it then.
    Will do. Maybe watch personal messages...
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