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BT: Smart Pensions Re-Launch

4 March 2008

BT has advised the Union that it intends to re-launch Smart Pensions from the new 2008/09 tax year. The objective is to encourage participation and also at the same time to extend the scope of Smart Pensions.

BT has confirmed that the existing safeguards contained in our 2004 agreements on Smart Pensions in both the BTPS and BTRP remain in force. These are included in LTB 156/2004 and LTB 444/2004

The key details of the re-launch are as follows.

BT Retirement Plan

• Inviting members who do not currently participate in Smart to join. Members who wish to take up this option for the 2008/9 tax year must respond by 7th April.
• Extending Smart to include higher contributions above the core contribution level of 4%. Members who wish to take up this option for the 2008/9 tax year must respond by 7th April.
• Providing individual information on the likely impact on the State Second Pension in company communications.

BT Pension Scheme

• Extending Smart to automatically include any Additional Voluntary Contributions (AVCs). Added Years will be included later in the year.
• Inviting individuals who do not currently participate in Smart and who are paying AVCs to join Smart. Members who wish to take up this option for the 2008/9 tax year must respond by 7th April.
• Those who are not participating in Smart and do not pay AVCs will be able to choose to take part but, will not receive an individual communication.