BT PENSION REVIEW – BT TO COMMENCE FORMAL CONSULTATION
BT has issued a communication today advising that a formal “60-day consultation” process will start next week on 15 November. This formal consultation is required before BT can make any significant changes, which are unlikely to take effect before 1st April 2018.
The consultation will set out BT’s proposals for changes to the BT Pension Scheme and the BT Retirement Saving Scheme.
Nothing has been agreed with the CWU.
The CWU’s strong preference was to reach a recommended deal with BT prior to any formal consultation process. We wanted to take the time necessary to conclude a complex set of discussions. However, BT has decided to start the consultation next week even though we are not in a position to recommend an agreement.
Starting the 60-day consultation will not prevent us from pursuing our agenda.
We remain resolute in our opposition to closure of the BT Pension Scheme.
Any changes to the BT Pension Scheme for future service must take into account members’ pension expectations.
The BT Retirement Saving Scheme must be improved as part of this review.
Both the BT Pension Scheme (BTPS) and BT retirement Saving Scheme (BTRSS) are in scope for the review. The BTPS was closed to new members in April 2001 and the BTRSS is the pension scheme that people employed after this date can join.
We will continue to keep members advised of developments and will consult members on the outcome of negotiations.
In the meantime, please ensure that you make your views clear to your local CWU Branch or email email@example.com Please note that the CWU is unable to give financial advice.
Deputy General Secretary (T&FS)