• Common questions

Common questions

Wherever you are in your retirement savings journey, this is where you can find out more about the the BTRSS.

About the BTRSS

 What type of pension is it?

Your company pension is a Group Flexible Retirement Plan. It’s designed to give you a flexible way to save for retirement.

 Who looks after it?

Standard Life Assurance Limited (SLAL) does. In the UK, Ireland, Germany and Austria, SLAL offers products to help customers with their life savings. SLAL is owned by the Phoenix Group and uses the Standard Life brand under licence from the Standard Life Aberdeen group. SLAL is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority

Find out more about Standard Life 

 What about governance?

BT has established a governance committee to ensure that the BTRSS is properly run and administered.

Find out more about the governance committee and what they do

 What are the charges?

The amount you’ll be charged in management and administration fees for your investments depends on how your fund is managed and what it invests in.

Find out more about the charges

 How do I update my personal details?

Any updates can be made through BT's HR System.

Joining the BTRSS

 Who can become a member of the BTRSS?

It’s most likely that you’ll automatically become a member of the BTRSS.

Find out more about joining the BTRSS

 What if I join from EE?

It’s most likely that you’ll automatically become a member of the BTRSS.

Find out more about joining the BTRSS

 Can you leave the BTRSS after you join?

After you join the BTRSS you have a month to decide if you want to stay opted in. Remember, if you decide to opt out you’ll miss out on the extra money from BT and tax benefits from HMRC.

More about opting out

If you leave the BTRSS or stop making payments after the one month opt-out period has ended, your payments can't normally be refunded and the payments from BT will stop. However, the payments that have already been made into your company pension will remain invested until you retire, and any charges will continue to be deducted.

 What if you already have a personal pension?

You can keep your personal pension as well as your company pension if you want to - but BT will only pay into your company pension.

You might be able to combine your pensions, but there's a few things to think about before you do this. Transferring isn't right for everyone.

More about combining your pensions

 

Payments

 What will you pay into your pension and can you change it?

There is a minimum amount you have to pay into the pension, but you can increase the amount you pay if you want to. Head to the Your Rewards site where you'll find information and be able to make changes to the level of your contributions.

You can find out more about payments here

 How much should you pay?

You can use the retirement planner tool to find out if you’re saving enough to give you the retirement you want. The retirement planner can also show you the impact of changing your payments.

Use the retirement planner

 Can you withdraw money from your pension?

Because your pension is set up to help you save for retirement, you normally can’t access any of your pension savings until you turn 55 (may be subject to change).

Find out more about how you can take your retirement income

Investments

 Where can you invest your money?

Where you invest your pension savings is up to you. Unless you choose a different option, when you become a member of the BTRSS, your pension savings will automatically be invested in the investment option that has been selected for the scheme by Standard Life following consultation with BT. It is believed to be an appropriate option for most members’ pension plan investments.

There are other investment options available to you - and it’s worth taking the time to find out about them.

And even when you’ve made choices, they’re not set in stone - you can review your investments and make changes if you want to.

Find out more about changing your investments

 How do you choose investments?

Choosing investment options doesn’t have to be complicated - there are options to suit all levels of knowledge and to match the level of involvement you want.

What to think about when choosing investments

What happens if you leave

 What if you leave BT?

Regardless of why you leave, your pension is yours for life. You may be able to carry on paying into it after you change jobs - or you could choose to combine it with a new pension from your new employer. Transferring isn't right for everyone.

Find out more about what happens if you leave BT

 What happens to your pension when you die?

When you die, any pot which remains can be passed on. Who receives it is at the discretion of Standard Life. You can let Standard Life know who you would like it to be paid to by completing an expression of wish form. As Standard Life decide who receives the pot, it is normally paid free of inheritance tax.

  • If you die before age 75, payments out will normally be free of income tax
  • If you die after age 75, payments out will normally be charged income tax at the beneficiary's marginal rate


Instruction for payment of death benefits form (PDF, 93KB)

You can find out more about this in your key features document (PDF, 288Kb)

BT Life Assurance Scheme (BTLAS)

In addition to the death benefits available under the BTRSS, we are advised that BT will also provide death in service benefits through the BT Life Assurance Scheme (BTLAS). The BTLAS is managed and operated directly by BT. You can let BT know who you would like to receive any BTLAS death in service benefits by completing an Expression of Wish Form on the Your Rewards site.

Taking your pension

 When can you take your pension?

From the age of 55 (may be subject to change) you can normally take some or all of your pension – even if you’re still working. And you have several options about how you turn your pension savings into income.

If you have health issues though, you may be able to take your pension early.

 

 

 How do you take your pension?

You can take flexible income, guaranteed income or cash. Remember you can also mix and match your options.

Explore your retirement options and use the tools

To access all of these options you may need to move to a different pension product which offers this functionality.

 Where can I get guidance on my retirement options?

Access to impartial guidance

We recommend you seek appropriate guidance or advice to understand your options at retirement. You can get free guidance over the phone or face to face with Pensionwise.

Go to www.pensionwise.gov.uk or call 0800 138 3944.

The Money Advice Service (MAS) guide is also available on the Pensionwise site.

Your pension value

 How do you find out how much your pension is worth?

The value of your pension is shown on your annual statement. You can also find this easily by logging on to online servicing.

Find out more about managing your pension online

 How do you find out what your pension might be worth at retirement?

You can find a projection of what your pension might be worth by logging in to online servicing.

It might also help to have an idea of how much you might need to retire. You can use this handy tool to pick the things you might like to do in retirement and work out how much it might all cost.

If you have more than one pension, you can see what they all add up to by using the retirement planner. The retirement planner can also give you an idea of what your pension could be worth, and show you how increasing your payments now can make a big difference when you retire.

Use the retirement planner

Important documents

To help you make an informed decision we've provided you with important information that you should read. You should print or save copies of these documents for future reference.

This short video provides you with useful information about the BTRSS.

Introduction to the BTRSS

This is where you will find specific details about BT’s company pension.

Plan summary document for BT employees (PDF, 81KB)

This document explains the features of the pension product your employer has chosen.

Key features document (PDF, 288KB)

This document gives you an illustration of what your pension could be worth for BT employees. It may not take into account rebates that may apply to your policy. You can find more information about the charges and rebates on the charges page.

Key features illustration for BT employees (PDF, 114KB)

Read this guide for more information on your investment options, including details about charges and fund codes.

How to choose the right investment options for your pension (PDF, 837KB)

Use this form to instruct Standard Life on payment of death benefits from the BTRSS.

Instruction for payment of death benefits (PDF, 77KB)

Read this guide, provided by BT, for more information about how SMART Pensions work. Standard Life is not responsible for the content of this guide.

SMART Pensions (PDF, 332KB)