Joining the BTRSS
You’ll be automatically joined to the BTRSS, provided by Standard Life Assurance Limited, if you:
- Have just joined BT
- Transferred to BT under TUPE and earn over £10,000
- Are transferring to work for BT in the UK and earn over £10,000
That means you’ll start to benefit from extra payments from BT and valuable tax benefits from the Government - so it’s not just you putting money towards your retirement.
Laws and tax rules may change in the future. The information here is based on our understanding in April 2021. Your own circumstances also have an impact on tax treatment.
Additional tax benefits for you
What do you have to do?
1. Decide how much to pay
When you become a member of the BTRSS, you’ll pay in a minimum of 5% of your pensionable salary every month. On top of this, BT will pay in 10% and you'll get tax benefits from HMRC.
The table below shows you the basic payment level. You can choose to pay more, but your employer won't pay more than the amount shown.
|Option||You pay||BT Pays||Total|
|1 (your minimum payment amount)||5%||10%||15%|
If you pay at least 5% of your pensionable salary into the BTRSS, BT guarantees a minimum employer payment of £2,038 each year. This will be applied pro rata for part time employees or people who are only in the BTRSS for part of a year.
2. Choose where you want your money to be invested
The Passive Plus III Universal Strategic Lifestyle Profile has been set as the low-involvement option for the scheme by Standard Life following consultation with BT. It is believed to be an appropriate option for most members’ pension plan investments. Unless you decide to move your money into another investment, this is where it will remain invested.
This investment option is a lifestyle profile, which means that as you get closer to retirement, it will gradually and automatically move your money into funds which aim to prepare your pension for retirement.
If you think this is the right choice for you, then you don't have to do anything - your money will stay invested in this investment option until you retire. But if you don't think it's the right choice, you can choose from the full fund range instead.Find out more about all your investment options
3. Make sure staying in the BTRSS is right for you
Once you become a member you have a month to decide if you want to stay in the BTRSS or opt out.
It’s important to think carefully before opting out, as it would mean you’d lose out on extra payments from BT, as well as tax benefits from HMRC.Find out more about how opting out could affect you
Remember, your pension is normally a long term investment and you usually can't withdraw money until the age of 55 (may be subject to change). As with any investment, the value can go down as well as up and may be worth less than what was paid in.
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 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 provides you with more information on how you can take money from your pension flexibly. For more information on the other options available please see the key features document above.How Drawdown Works (PDF, 211KB)
Read this guide for more information on choosing your investment options if you decide to take money from your pension flexibly.Choosing investment options for a flexible income (PDF, 119KB)
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)