Benefits of company pensions

It's not just your payments

When you join your company pension, you're not the only one paying into it.

BT will contribute too - putting money straight into your pension. And that’s on top of your salary. You'll also get tax benefits from HMRC.

You get this money invested from the moment you join, so every month you delay, you lose out on those payments and tax benefits.

This illustration shows you how things can add up. It assumes that both you and your employer are paying in. Your payment will also include basic rate tax relief where applicable.

This information is based on our understanding of taxation legislation and regulations in April 2018. The legislation and regulations can change. Your own circumstances also have an impact on tax treatment.

Why start now?

It's your pension

It's your pension, no matter what. It remains yours, even if:

  • You move job
  • The company you work for changes hands

You may be able to carry on paying into it, change your investments - or even transfer it into another pension - if you move on.

Although BT contributes towards your pension, they don't look after it - they forward your payments on to Standard Life who administer your pension on your behalf. This means if anything happens to your employer, for example they change hands or go out of business, you won't lose your pension.

You're in control

When you join, payments start at a minimum level, and you can choose to pay more if you want to. It's worth thinking about this, as paying the minimum might not be enough to get you the lifestyle you'd like after you stop working.

Find out if you're saving enough

When you join the company pension, your money automatically goes into the low-involvement option, unless you've chosen something different.

You can choose to leave your money invested there - or you can decide to move it into a different option you think will suit you better.

Whichever choice you make doesn't have to be final - you can change your mind about where your money is invested.

Find out which investment option is right for you

Protection for Dependants

If you die before you retire, the money you've built up in the BTRSS will normally be paid as a lump sum. In some limited circumstances there may be a tax charge. You should seek financial advice if you're not sure how this will affect you.

it is important to let us know who you would like to receive any death in service benefits payable under the BTRSS by completing the Instruction for Payment on Death Benefits form.

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.