BT staff represented by union Prospect have agreed to a new pensions deal that will boost pay and aim to incentivise members of its defined benefit BT Pension Scheme to join the defined contribution BT Retirement Saving Scheme.
Seventy-four per cent of members voted in favour of a 1-2 per cent pay increase based on performance and pay range. Sixty per cent of members voted for the new pension proposals, as negotiated by the Prospect union.
There will be additional transitional payments for members who are being transferred from BTPS to BTRSS, and there will be a rise in employer contributions for current BTRSS members.
Of BT’s defined benefit scheme, 57 per cent of members voted for the proposals. Eighty-five per cent of BTRSS members agreed to the new measures.
Prospect national secretary Philippa Childs said: “We recognise that this has been a difficult and painful decision for those who are currently members of the BTPS."
She added: "However, the improvements we have negotiated and the transition arrangements will soften the blow for those having to move. Those who are already in the BTRSS, because they joined BT after 2001, will also see improvements."
