No Time off for Good Behaviour at BT as Retirement Age Rises

New staff at BT will have to work an extra five years before they can retire and pay more for their pensions under proposals thrashed out with unions and pension trustees.

As part of an agreement that is likely to become the template for all struggling final salary schemes, the telecoms group looks set to increase the retirement age from 60 to 65. It also aims to change the final salary link to a career average rather than earnings at retirement.

BT, which operates one of the largest pension funds in the private sector, with liabilities of £35 billion, said that its proposals include increased contributions for scheme members. The retirement fund has about 65,000 active members, 97,000 deferred members and 178,000 pensioners.

The following two tabs change content below.

admin

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam dignissim magna vitae dui posuere eu feugiat augue eleifend. Fusce sed tincidunt quam. Donec varius aliquam metus ut semper. Donec augue purus, feugiat interdum malesuada vel, aliquet quis massa. Nulla facilisi. Nam vel ante quam, et tincidunt dui. Maecenas venenatis libero eu nulla tincidunt et accumsan velit sodales. Nam congue mauris et felis porttitor blandit. Nam eget tempor massa. Nullam suscipit gravida eros, ac suscipit magna feugiat sit amet.

Latest posts by admin (see all)