Are you making the most of BT employer payments?
One of the greatest benefits of the BTRSS is the employer payments. Are you making the most of the BT employer payments? You can change your payment level, and this will change the payment you receive from BT, as shown in the table below. The payment levels have been set by BT:
|What you pay||What BT paid between
1 April 2009 and 1 April 2010
|What BT will pay
from 1 April 2010
|8% and above||8%||9%|
If you joined the BTRSS after 1 April 2009 you will need to make a minimum payment of 5%. If you are a former member of the BT Retirement Plan (BTRP) or Syntegra Limited Flexible Pension Plan (SLFPP) you may be paying less than 5% but may wish to consider increasing your payment to obtain a higher contribution from BT.
If you pay at least 5% of your Pensionable Salary into the BTRSS, BT guarantees a minimum employer payment of £1,500 each year from 1 April 2010. This guarantee will apply if your annual Pensionable Salary is less than £18,750. These minimum payments will be applied pro-rata for part-time employees or people who leave during the year.
To help you decide how much to pay to your pension now, and how much you can afford to live on when you retire, try using the retirement planner.
You can pay more if you wish in order to receive higher payments from BT, but you should understand that the maximum that you can pay will be subject to HM Revenue & Customs (HMRC) limits. The maximum that BT will pay into the scheme is shown in the table above and this will not increase if you decide to pay more than 7%.
Changing your payment levels
Change your payment levels by visiting your own webpage. If you have forgotten your login details please call the BT helpline on 0800 066 5432.
If you make your payments through SMART Pensions, you will only be able to reduce your payment levels once each year in October, or if you experience a 'Lifestyle Event'. You can increase your payment levels at any time. Please see the SMART Pensions page for more details.
How do I change the funds in which my payments are invested?
Change your investment choices by visiting your own webpage. You can change your investment choices at any time.
Please see the What are my investment options? page for the options available to you.
To help you decide which funds may be right for you, use the Fund selection tool.
Why not view the employee zone tutorial to see how easy it is to manage your Plan online?
If you require advice on the payment and investment options, we recommend that you speak to an independent financial adviser. You may have to pay for this advice. If you do not have your own financial adviser, you can find one in your area by visiting unbiased.co.uk.
Please note: The link to unbiased.co.uk is outside Standard Life's website and will open in a new window. Standard Life is not responsible for the content of external internet sites.