Opting out

Things to consider

You’ll lose out on extra money

A company pension is a valuable benefit, and it can make sense to stay opted in. But you'll be given a month to decide if you want to stay in or opt out.

Remember, if you decide to opt out you’ll miss out on the extra money from BT and tax benefits from the Government.

You might be automatically enrolled

Because of changes made by the Government to help everyone save for retirement, employers have to provide pensions for their employees. If you opt out, BT might have to automatically enrol you back into the BTRSS.

Find out whether you will be automatically enrolled

You can change your mind

You might decide that staying opted in isn’t the best option for you right now, but if you change your mind you can choose to rejoin the company pension.

 

You might be automatically enrolled

If you opt out, BT might have to automatically enrol you back into a pension. And if you can say yes to these questions, then you’ll be eligible for automatic enrolment.

  • Are you aged between 22 and state pension age? For someone retiring today, state pension age is 65 for men and 65 for women
  • Do you earn more than £10,000 a year before tax?
  • Do you usually work in the UK?

If you want to know more about automatic enrolment, you'll find more details in our short video.

Watch the automatic enrolment video

When will this happen?

Roughly every three years, all employers have to assess their employees and join all eligible employees to a company pension. You can ask BT for details about when this will happen.

If you’re still eligible when this assessment happens, you’ll be automatically enrolled. You won’t need to do anything and BT will contact you.

What if you're not eligible?

If you don’t meet the eligibility requirements when you opt out, BT will continue to assess you for automatic enrolment. If anything changes, for example, you start to earn more than £10,000 a year, you could be automatically enrolled.

 

Rejoining the company pension

If you decide to opt out, it doesn’t mean you can’t start saving again in the future.

And, you don’t have to wait to be automatically enrolled - you can ask to rejoin at any time. You may have to wait up to 12 months before you can join again, so ask BT for more information. Although you will not be automatically enrolled into the BTRSS once you have opted out, you will be automatically joined into NEST - the National Employment Savings trust.

Do you earn less than £6,032 a year?

If you’re earning less than £6,032 a year (£503 a month or £116 per week) when you decide to re-join, you can ask BT to join you to a pension to help you save for retirement.

You'll receive tax benefits from the Government on any payments you make, but you may not get extra payments from BT.

 

You'll have a month to opt out

When you become a member of the the BTRSS, Standard Life will contact you to confirm your membership and plan number.  They'll also send you information about accessing online servicing, which you can use to manage your pension online.

BT will confirm how you can opt out.

This will either be direct with Standard Life through online servicing (or over the phone on 0345 272 8837), or using another method that your employer will tell you about.