BTPS

About us

Scheme history

  • 1969

  • 1979

  • 1983

  • 1984

  • 2001

  • 2006

  • 2018

  • The Scheme’s origins date back to 1969 when it was part of the Post Office Staff Superannuation Scheme, (as telecom services had historically been supplied by the Post Office.)

  • The telecoms business separated from the rest of the Post Office and British Telecom Corporation

  • The British Telecommunications Staff Superannuation Scheme was set up (renamed the BT Pension Scheme in 1993)

  • BT was privatised and the Government granted BTPS a Crown Guarantee.

  • The Scheme was closed to new members

  • BTPS was a founding signatory of the Principles of Responsible Investment (PRI)

  • The Scheme closed to future accrual

Trustees and Trustee duties

The Scheme’s Trustee is BT Pension Scheme Trustees Limited, a corporate Trustee with ultimate fiduciary responsibility for the Scheme and its members. The Trustee’s key responsibility is to ensure that BTPS pays benefits as they fall due. In addition to the Chairman, there are four employer nominated Trustee Directors and four member nominated Trustee Directors on the board.

The Chairman is appointed by BT with the agreement of the recognised BT Trade Unions.

Otto Thoresen Chair

Otto has extensive experience in pensions, financial services and…

Otto has extensive experience in pensions, financial services and consumer issues across a range of private and public sector organisations. Before starting his portfolio career, he was Director General of the Association of British Insurers from 2011 to 2015. Previously he was Chief Executive of AEGON UK from 2005 to 2011. He was the independent reviewer of the Treasury Review of Generic Financial Advice – the Thoresen Review – published in 2008 which led to the creation of the Money Advice Service. Otto became Chair of NEST Corporation on 1 February 2015. He is also Chair of the board of Aviva International Insurance, and the board of Aberdeen Asset Management’s Life subsidiary.

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Chris Cheetham

Chris has over 40 years’ experience in the investment management industry…

Chris has over 40 years’ experience in the investment management industry and is Chair of the Mineworkers Pension Scheme, which has c.£12 billion of assets and 135,000 members. Chris was Chair of HSBC Asset Management (UK) until June 2020. He is a Non-Executive Director of the Pension Protection Fund, a member of The People’s Pension Investment Steering Group and a Trustee of the Science Museum Foundation. Chris began his career with Prudential Portfolio Managers (now M&G) where he worked in a variety of investment management roles, ultimately as Director of Investment Strategy and Research. During his career he held positions as Global CIO of AXA Investment Managers and CEO at AXA Sun Life Asset Management. In May 2003 he joined HSBC as Global Chief Investment Officer.

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Nigel Cotgrove

Nigel was a National Officer of the Communication Workers Union for 31…

Nigel was a National Officer of the Communication Workers Union for 31 years until July 2020. In that role he was the national lead for occupational pensions in telecoms, IT and financial service companies for two decades. This included negotiating on all BT pension issues such as changes to the BTPS; improvements to the defined contribution pension; and the creation of the hybrid pension. He was part of the Airwave Solutions DC Pension Governance Committee between 2007 and 2020. Nigel has served on the Members’ Panel at the National Employment Savings Trust (NEST) since 2016, and is also a Trustee of the CWU 2000 Defined Benefit Pension. Nigel is a member of the CWU and the National Federation of Occupational Pensioners.

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Emily Clark

Emily has been the Chief Economist of BT Group since 2016. Emily has created…

Emily has been the Chief Economist of BT Group since 2016. Emily has created a function which provides economic thinking and analysis to further key commercial, regulatory, policy and strategy goals, wherever it is required in BT. Prior to her current role, Emily was a Director at a City law firm and, before that, an economic consultant, working for clients in a range of sectors including energy, financial services and communications. In all her roles, Emily has been involved in launching and embedding a range of gender diversity initiatives.

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Andrew Kerr

Andrew was employed by BT from 1975 to 2008. He served on the National...

Andrew was employed by BT from 1975 to 2008. He served on the National Executive Committee of the CWU from 1997, and was the President from 1999 to 2008 when he was elected to his current position as Deputy General Secretary (Telecoms and Financial Services). He is responsible for leading negotiations with BT on all occupational matters which has included pensions. Andrew is a former Trustee of the BT Retirement Plan, a Governance Committee member of the BT Retirement Saving Scheme and a Trustee of the NCU Staff Superannuation Scheme. He has a pension from the BT Pension Scheme and is a member of the NFOP.

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Ben Marshall

Ben has been a trustee of a number of pension schemes continuously for over…

Ben has been a trustee of a number of pension schemes continuously for over thirty years, and until his recent retirement was both chair of the General Federation of Trade Unions Pension Scheme and a member of the board of governance of the Steria Defined Contribution Scheme since its creation in 2010. He has also been a trustee of the BT Retirement Plan (now the BTRSS and now a Group Personal Pension Plan), and the Accenture AHRS DC Scheme.

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Keith Nichols

Keith was formerly Chief Financial Officer and member of the board of…

Keith was formerly Chief Financial Officer and member of the board of management at AkzoNobel N.V., where he played a key role in the sale of Organon BioSciences to Schering Plough and in the acquisition of ICI and its related pension liabilities. Prior to joining AkzoNobel N.V. in 2005, he held various senior finance positions across a number of industrial sectors for companies such as Corus Group, TPG N.V., WPP and BET. He is a Fellow of the Association of Corporate Treasurers.

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Beryl Shepherd

Beryl was employed by BT from July 1978 until November 2019 and was, until…

Beryl was employed by BT from July 1978 until November 2019 and was, until August 2019, the president of the CWU and chair of the National Executive Committee of the CWU. She served on the National Executive Committee of the CWU and the Telecom & Financial Services Executive of the CWU from 2002 until 2019 when she relinquished her responsibilities. Beryl is a pensioner member of the Scheme and a member of the NFOP.

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David Viles

David Viles joined BT as Director of Risk, Compliance and Assurance in 2018…

David Viles joined BT as Director of Risk, Compliance and Assurance in 2018. David began his professional career at Arthur Andersen in 1988, firstly as an auditor and then building a number of consulting businesses, mostly related to risk. David then joined Deloitte and later BP plc, holding various senior risk-related roles. David re-joined Deloitte in 2015 as a senior advisor in its risk management practice.

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About BTPSM

BTPSM is a wholly-owned subsidiary of the Scheme. It is a regulated entity and authorised by the Financial Conduct Authority (FCA). BTPSM is led by a board of directors that are authorised by the FCA. BTPSM is the primary service provider (investment advisors, funding and fiduciary management services, covenant oversight, member services, operational and secretariat services) to BTPS.

The focus for BTPSM is to provide high quality services to BTPS’ members and Trustees cost effectively. Our services are deliberately tailored to the Scheme’s needs and specific challenges and we take pride in working for the Scheme and its members which gives all of us purpose.

We work closely with BT as the Schemes sponsor ensuring there is consistency in serving BT’s current and former employees.

Our fundamental belief is that through highly capable people, modern technology and leveraging our scale we can deliver top quartile market leading performance, innovative and progressive investment and funding solutions and keep the overall Scheme costs significantly below average comparable benchmarks. This is something we measure closely on an ongoing basis.

BTPSM is in the middle of a comprehensive business transformation focusing on strengthening our capabilities and making sure we are well-positioned for the future. We are implementing market leading technology platforms across our investment and member services and further building our internal teams. In 2019 we acquired Procentia a market leading pension administration software provider that is now part of the BTPSM Group.

Established in 2002, Procentia has more than 30 clients including many household names and FTSE 100 companies, which it serves from offices in Bristol in the UK and Chicago in the USA. More than 2 million pension scheme members are administered on Procentia’s systems. It also supplies software to third party administrators, systems integrators, technology companies and other product providers.

BTPSM is implementing Procentia’s Intellipen system for its member administration services which will transform the service we provide to our members.

The operational responsibilities and liabilities borne by BTPSM Directors and senior management are distinct from Trustee’s fiduciary responsibilities. BTPSM support the Trustee in the development of the scheme strategy. The management of the Scheme provided by BTPSM is overseen by the Trustee and regularly reporting and assurance is provided to the Trustee to enable the Trustee to monitor BTPSM’s performance. Accordingly, the BTPSM Board consists entirely of Executive Directors.

Morten Nilsson Chief Executive Officer

Morten joined BTPSM in September 2018 and is responsible for leading all…

Morten joined BTPSM in September 2018 and is responsible for leading all aspects of the business in its support of the Trustee of the Scheme and its members.

Morten has spent most of his career in financial services. He joined the pensions and investment industry in 2001 and spent over 10 years with the £90bn Danish pension scheme ATP, where he held different senior positions across administration, investments, product and business development. In 2010 he moved to London where he founded and as CEO made NOW: Pensions one of the largest occupational DC providers in the UK.

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Frank Naylor Board Advisor

Frank joined BTPS in January 2004 and is responsible for advising the Trustee…

Frank joined BTPS in January 2004 with the responsibility for advising the Trustee on investment strategy and for overseeing the implementation of investment strategy once agreed. Typically, risk management overlays are implemented internally across the key risk factors while investment mandates are outsourced to external managers.

Prior to joining BTPS, Frank managed a multi strategy hedge fund while at WestLB Asset Management. In addition, Frank was CIO for Global Equities and Global Balanced portfolios for WestLB. In the mid 1990’s WestLB bought Quorum Capital Management where Frank headed a team managing UK and European equities for institutional clients using a quantitative style based investment process.

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Wyn Francis Chief Investment Officer

Wyn joined BTPSM in 2008 and works with the Trustee to develop the desired…

Wyn joined BTPSM in 2008 as Head of Investment Risk; in 2014 he became Deputy Chief Investment Officer responsible for portfolio implementation, including manager selection and oversight of the in-house managed LDI portfolio, working with Frank on portfolio construction.

Prior to joining BTPSM, Wyn spent 10 years as a Consulting Director at PricewaterhouseCoopers and KPMG, where he managed the teams responsible for providing market and trading risk management advice to clients including asset managers, hedge funds and sovereign wealth funds.

Before working as a consultant, Wyn spent over 10 years structuring and trading interest rate derivatives and managing fixed inform portfolios for Credit Agricole and Credit Lyonnais in London, Paris and New York.

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Simon Langworthy Chief Administration Officer

Simon joined BTPSM in December 2010 and is responsible for Member…

Simon joined BTPSM in December 2010 and is responsible for Member Administration and Communications Services and is a director of BT Pension Scheme Administration Ltd (BTPSA).

Simon previously worked at Baring Asset Management for 8 years as Head of Internal Audit and Head of Business Consultancy. He spent 6 years at Barclays Global Investors running global operations functions, including asset services, client order management and product development. Simon was Managing Director of Europe Integration at Blackrock, where he led the migration of the BGI products in Europe (Cash, Fixed Income, Index Equity, etc) onto the Blackrock Aladdin Platform and COO of Europe Business Operations.

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Martin Tully Chief Operating Officer

Martin joined BTPSM in January 2020 and is responsible for Investment…

Martin joined BTPSM in January 2020 and is responsible for Investment Operations, Performance & Portfolio Risk, Data & Supplier Management, Finance and PMO.

Martin is a senior financial services executive with over 25 years’ experience in the banking, asset management and pensions sector. He has worked with the asset management and pensions administration divisions of large pension funds in both the UK and overseas, helping to define their strategic plans, set up their operations and governance structures, and implement major change programmes. Martin’s previous roles include senior positions at Ashmore, Rothschild, Citigroup and HSBC Asset Management. He also has extensive governance experience both as an executive and a non-executive director.

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Gillian Haselden Chief Legal, Risk & Compliance Officer

Gillian joined BTPSM in December 2014 and is responsible for managing all legal…

Gillian joined BTPSM in December 2014 and is responsible for managing all legal, risk and compliance matters for BTPSM and the Scheme.

Prior to her role at BTPSM, Gillian was a partner and Deputy Global General Counsel at EY with primary responsibility for the Corporate and Transactions matters of the firm. She also spent five years at Deloitte Consulting as its European Counsel and seven years in the Legal team at Nomura International plc. Gillian qualified as a solicitor in 2003 and has extensive experience across a wide range of strategic and operational legal and risk issues.

Gillian is a Member of the Law Society and the Association of Pensions Lawyers.

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Julia Friend Chief People Officer

Julia joined BTPSM in July 2019 in a new role as Chief People Officer and is…

Julia joined BTPSM in July 2019 in a new role as Chief People Officer and is responsible for all HR matters within the organisation.

Julia previously worked at AIG Insurance for six years and Bank of America Merrill Lynch for seven years. Julia is a results-orientated Human Resources professional with a successful track record in blue chip, global organisations. Her career combines in depth, technical talent expertise with a recent move into a generalist remit. She has significant experience across the European and EMEA regions with a deep background within the financial services industry, specifically banking and insurance.

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Kevin Samborn Chief Technology Officer

Kevin joined BTPSM in November 2019 and is responsible for the technology…

Kevin joined BTPSM in November 2019 and is responsible for the technology needs of the Scheme, including the IT transformation at BTPSM.

Kevin previously worked at Revolution Financial Technology, a software business he founded in 2015. Before that he was Vice President of Valuation and Risk Analytics at Sapient Global Markets where he provided consulting focused on front office technology, derivatives valuation and risk management. Before Sapient, Kevin was Chief Technology Officer and Senior Vice President at Numerix, a pricing analytics software company.

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BTPSM Accounts

Please find below the Annual Report and Consolidated Financial Statements for the year to 30 June 2021 for BT Pension Scheme Management Limited (BTPSM)

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How we invest

Read about our investment objectives and how and where we invest.

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