Pay more, get more

Feed your pension

Finding extra money can be really tough. But paying in even just a little bit more now can have a big impact on your standard of living when you retire. When you take charge of your pension, you're taking control of your future.

1. Don't lose out on extra payments

Your company pension gives you access to extra money from BT - on top of your salary. Getting this money from BT is a hugely valuable benefit - and if you're not in your company pension, you won't get it.

On top of money from BT, you also get tax benefits from the Government.

If you’re a former member of the BT Retirement Plan (BTRP) or Syntegra Limited Flexible Pension Plan (SLFPP) you may be paying 4%. If you increase your payment, even just to 5%, you’ll get a higher contribution from BT.

See the table below for a reminder of BT’s payment levels. 

You payBT paysTotal
5% 8% 13%
6% 8.5% 14.5%
7% or more 9% 16% or more

If you pay at least 5% of your pensionable salary into the BTRSS, BT guarantees a minimum employer payment of £1,500 each year. 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.

2. Increase your payments regularly

Another simple way of boosting your pension is to increase the amount you pay in each year. So why not set an annual reminder in your diary to increase your payments? There may be restrictions on when and how you can increase your payments, so check with BT for more details.

If you get a pay rise, this might be a good time to think about increasing your payments too. Regular increases can keep your payments manageable, in line with inflation and have a big impact on how much you could get back.

Increasing your pension payments by a small percentage each year could make a big difference. For example, if you start your payments at £250 a month and increase your payments by 5%, then the next year you pay £262.50 a month. Over time, this adds up.

3. Put in a one-off payment

There are advantages for putting a one-off payment into your pension. For example, if you receive a bonus and pay it into your pension, you'll get tax benefits from the Government.

4. Remember, pensions are flexible

Finding extra cash can be difficult. But you can pay more into your pension when you can afford it - and then drop back to your normal level when you can't.

 Important information and assumptions

It's important to remember that a pension is normally a long term commitment. As with any investment its value can go up or down and may be worth less than what was paid in. Laws and tax rules may change in the future. The information here is based on our understanding in April 2018. Your personal circumstances also have an impact on tax treatment.

Change payments

 

Keep up to date with your payments and find out how you can change the amount that you're paying on BT's Your Rewards site.