BT Group PLC BT closes managers' defined benefit pension scheme (9470D)
05 Febrero 2018 - 7:30AM
UK Regulatory
TIDMBT.A
RNS Number : 9470D
BT Group PLC
05 February 2018
February 5, 2018
BT TO CLOSE DEFINED BENEFIT PENSION SCHEME FOR 10,000
MANAGERS
Following BT's consultation on the defined benefit BT Pension
Scheme (BTPS) and the defined contribution BT Retirement Saving
Scheme (BTRSS), which finished on 17 January, a number of changes
have been confirmed.
BT has reached an agreement with Prospect for c.22,500 managers.
BT will close the defined benefit BTPS to managers for the future
build-up of benefits on 31 May 2018. From that date, pension
contributions for those affected will go into new individual,
defined contribution, BTRSS accounts. All benefits accrued in the
BTPS for service prior to 1 June 2018 are protected.
With regard to team members (employees other than managers), BT
is still reviewing feedback and will continue to discuss this with
the CWU before making a final decision.
BT is intending to implement the changes on 1 June 2018. The
Trustee of the BTPS is responsible for administering the Scheme so
BT will work closely with the Trustee to try and ensure that the
necessary changes can be made by this date. BT has also reached
agreement with Prospect for managers currently in the BTRSS, from 1
June BT's on-going standard contribution rates will increase to up
to a maximum of ten per cent of pensionable salary. BT has also
made changes to the death in service benefits and will formalise
medical retirement benefits.
Alison Wilcox, BT Group HR Director, said:
"We are working hard to ensure fair, flexible and affordable
provision for members of our pension schemes. I am pleased that
we've been able to reach an agreement with Prospect that achieves
this, and we look forward to continuing our dialogue with the
CWU."
Ends
Notes to editors:
BTPS - a defined benefit scheme
- c.30,000 employees are active members in the BTPS (and decreasing)
- c.10,000 managers and c.20,000 team members
- The scheme was closed to new joiners in 2001
BTRSS - a defined contribution scheme
- c.35,500 employees are active members in the BTRSS (and increasing)
- c.12,500 managers and c.23,000 team members
- BT's primary pension scheme for new joiners since 2009 when it
replaced the BT Retirement Plan
Figures as at 31 December 2017
Enquiries
Press office:
Dan Thomas Tel: 020 7356 5369
Investor relations:
Mark Lidiard Tel: 020 7356 4909
About BT
BT's purpose is to use the power of communications to make a
better world. It is one of the world's leading providers of
communications services and solutions, serving customers in 180
countries. Its principal activities include the provision of
networked IT services globally; local, national and international
telecommunications services to its customers for use at home, at
work and on the move; broadband, TV and internet products and
services; and converged fixed-mobile products and services. BT
consists of six customer-facing lines of business: Consumer, EE,
Business and Public Sector, Global Services, Wholesale and
Ventures, and Openreach.
For the year ended 31 March 2017, BT Group's reported revenue
was GBP24,062m with reported profit before taxation of
GBP2,354m.
British Telecommunications plc (BT) is a wholly-owned subsidiary
of BT Group plc and encompasses virtually all businesses and assets
of the BT Group. BT Group plc is listed on stock exchanges in
London and New York.
For more information, visit www.btplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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