Following the completion of the 2011 actuarial valuation earlier this year the Trustee of the BT Pension Scheme (BTPS) has now completed a review of actuarial factors used to administer the Scheme. These include commutation rates, early and late retirement factors, transfer values, pension increase conversion factors etc.
To help people save more for their retirement, the Government now requires employers to enrol their eligible workers into a workplace pension scheme. From 1 November 2012, BT, BT Fleet and BTMSL have a legal duty to ensure that all eligible employees are put into a pension scheme that meets the Government's standards as a qualifying workplace pension scheme.
BT has today published details of an agreement with the Trustee on the approach to the 2011 triennial funding valuation.