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  • Retirement quote question

    Retirement quote question

    • I want a quote to see how much my pension will be.

      You can run your own personalised retirement quotes on our Pension Calculator

      If you aren't able to use the Pension Calculator please contact us and we'll arrange for your quote to be sent to your document library as soon as it's ready. We'll email you to let you know when it's there to look at.

      In the meantime, read Your Pension Guide for more information and other sources of help and guidance.

    • I want to know when I can take my pension?

      Early retirement

      The date you joined BTPS will determine the minimum age you can take your pension, as well as your Normal Pension Age under the Scheme.

      Deferred members - If you joined BTPS before 5 April 2006, the minimum age you can take your pension is age 50. If you joined after that date your minimum pension age is 55. (If you have more than one period of service at BT, your last date of joining counts). However, taking your pension at this age would be classed as taking early retirement. This means your pension would be subject to early retirement factors as you’d be taking it before your Normal Pension Age.

      Active members - please refer to the flexible retirement pages on BT's intranet.

      If you decide to take your pension before your Normal Pension Age, then the total amount you get will be reduced by what we call early retirement factors. This reflects the fact we’d be paying your pension earlier and for longer than intended. The scale of reduction is set by the Trustee and can vary from time to time.

      Get a pension quote

      Go to our Pension Calculator to get a personalised pension quote. You can run quotes based on different pension start dates to see the potential impact of taking your pension early.

      Pension Calculator

    • I want to know if I can take my pension and carry on working at BT?

      Taking your pension and staying at BT

      If you're over 55 you can apply to BT for Flexible Retirement. Full details of conditions and how to apply are on the Flexible Retirement pages on BT's intranet.

      Understanding the future financial impact of Flexible Retirement

      BT is keen to ensure that members seeking to retire under the Flexible Retirement process fully understand the decision that they are making and the impact that this will have on their future financial position. You will, therefore, be asked to confirm you have received financial advice or guidance, from an appropriate person or firm, regarding the future financial impact that entering into Flexible Retirement is likely to have on you. BT may ask to see evidence of the fact that you have obtained such advice prior to making the flexible retirement application. If you have any questions about this requirement these should be referred to BT.

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    • I want to get a pension quote choosing my own pension lump sum amount.

      You can use our Pension Calculator to work out what annual pension a specific lump sum would give you. Click here and go to the Customised Options screen.

    • I want to know what Pension Increase Exchange / PIE is.

      What is Pension Increase Exchange (PIE)?

      If you built up benefits in BTPS before 6 April 1997, you will be offered the option to give up future increases on the part of your pension built up before that date, in exchange for a higher starting pension.

      Pension Increase Exchange (also known as PIE) gives you a higher initial pension in exchange for some of your future annual pension increases. So, although you’ll get a higher annual pension straight away, eventually it will fall below the annual pension you’d have if you’d taken it without PIE. How far in the future that point will be depends on a range of variables including the age you start taking your pension and future rates of inflation.

      How does PIE work?

      Most members can’t give up increases on all elements of their pension as legally some must increase each year in line with inflation. This means that if you choose PIE, there will be two parts to your pension: your annual increasing pension and your annual non-increasing pension. Your annual increasing pension will rise broadly in line with inflation each year. The non-increasing part won’t rise. If you die, the pension your surviving spouse/civil partner gets would work the same way.

      Go to the Pension Calculator to see if your pension options offer Pension Increase Exchange and read more in Your Pension Guide and the PIE factsheet.

      Guaranteed Minimum Pension and PIE

      If you built up BTPS benefits before 6 April 1997, some of your pension is made up of Guaranteed Minimum Pension (GMP). Your GMP will be included in your annual increasing pension. This element of your pension may receive different increases to the rest of your pension. Read Your Pension Guide for more information about how increases work. Please note that some GMP benefits may not receive increases.

    • I want to know if I can defer taking my pension?

      Deferring your pension

      If you still work for BT:

      You can carry on working for BT past Normal Pension Age and take your pension at a later date. Please refer to the Flexible retirement pages on BT's intranet for more detail about your options. If you are a section B member, you do not need BT's consent to take flexible retirement if you have already reached your Normal Pension Age. If you are a section C member you do not need BT's consent to take flexible retirement if you are age 75 or over.

      Click the link below to go to the Pension Calculator to generate a personalised pension quote with the future pension start date you may have in mind.

      Pension Calculator

      If you no longer work at BT:

      No, your pension is payable and taxable from your Normal Pension Age there are no additional benefits to deferring your pension to a later date. If you don't know your Normal Pension Age you can find it on My membership.

    • I want to know what the Lifetime Allowance (LTA) is and if it affects my tax situation.

      Lifetime Allowance

      The Lifetime Allowance (also known as LTA) is the limit on the total value of pension savings you can build up through your lifetime without triggering an extra tax charge.

      The standard Lifetime Allowance is set by HMRC. For the 20/21 tax year it is £1,073,100 for most people, rising to £1,078,900 for the 2021/22 tax year. This figure currently goes up every year in line with the Consumer Prices Index. If the total value of your pension savings exceeds this amount, you'd have to pay extra tax on anything over the Lifetime Allowance when you first start taking money — whether a lump sum or a regular income — from your pension.

      Go to our Pension Calculator to see how much of your Lifetime Allowance each of your BTPS pension options uses up based on the current Lifetime Allowance limit.

      Go to Pension Calculator

      .

      HMRC Protection

      Each time the government has reduced the LTA, they have introduced different methods of protecting benefits built up prior to the change from the additional tax charge, known as "protection". If your total pension savings exceeded £1 million on 5 April 2016 there are still two types of protection you can apply for – Individual Protection 2016 and Fixed Protection 2016.

      There is a tax charge if you exceed the LTA, the tax charge is payable on the amount in excess of the LTA. Different tax charges apply depending on how you take your benefits in excess of the LTA. The current tax charges are 25% if you use the excess for additional pension, or 55% if the excess is received as a lump sum. BTPS will pay the tax to HMRC on your behalf when you take your pension (if applicable), but you must declare the amount on your Self-Assessment tax return.

      If you have protection, your personal LTA may be greater than the standard LTA. If you would like to know more about protection and how you can

  • AVC question

    AVC question

    • I want to know the value of my AVCs.
      You can see the latest value of your AVC funds online by logging on to the member portal. Go to btps.co.uk/My pension > My AVCs. If you are invested in the Standard Life With-Profits fund, you can view up to date fund values by logging in to Standard Life here. If you have not accessed the Standard Life site before, you will need to register following the link.

    • I want to switch my AVC funds

      AVC Switching

      You can request to switch your AVC funds in the AVC section of the BTPS Portal.

      Please be aware that a request to switch your AVC funds is not an instant transaction; the transfer of funds typically takes up to 6 working days to complete but it is likely to take longer if you are switching out of the Standard Life with-profits fund.

      There is a risk that market volatility could affect the value of your fund between the date of your switch request and the date it is disinvested. The value can go down, as well as up during this period.

      Between your funds being disinvested and the time they’re invested in your new choice of fund, there may be a short period when they are not invested at all. This is known as being ‘out of market’. While your funds are ‘out of market’, they will not benefit from market gains nor be reduced by market losses.

      If you are unsure about how market volatility may affect the value of your AVC, please consult an independent financial advisor before requesting a switch.

      Once you request a switch you’ll need to wait until that switch is complete and our systems are updated before starting a new one.

      If you switch from the Standard Life With-Profits Fund, you may be giving up valuable guarantees and your fund may be subject to a reduction in value. Read a guide to Standard Life’s with-profits funds

    • I want to know how I can use my AVCs towards my pension.

      Using your AVCs

      As AVCs are classed as defined contribution pension contributions, you have several different options on using them, not just towards your BTPS pension.

      To find out how you can use them towards your tax-free lump sum go to our Pension Calculator and run your own personalised pension quotes. You’ll see your options and how your AVCs can be used with each one. If you save any quotes, the pdf download will give you more detail, as well as the choices you have if there are any remaining AVCs.

      Go to Pension Calculator here.

      The MoneyHelper booklet, ‘Your pension: your choices’ also explains the alternate choices you have in using your AVCs, and the risks attached to each. You can read it here.

      Pension Wise

      Pension Wise, part of MoneyHelper, is a government-backed service to help people over 50 make informed choices about defined contribution (DC) pensions. As AVCs are classed as defined contribution pension contributions, you can use the service to learn more about how your AVC fund could provide a lump sum or a regular income. You can book a free meeting with an adviser at moneyhelper.org.uk and search for 'Pension Wise appointment' or by calling 0800 138 3944.

    • Why has my AVC fund been moved? (May 2022)

      In May 2022, we introduced a new range of additional voluntary contribution (AVC) funds. As a result, we moved members' existing AVC investments to the new fund(s) which most closely matched their current fund choice.

      We wrote to members in March 2022 to explain what was happening and included more detailed information about the new funds. You can view the more detailed fund factsheets on our website at btps.co.uk/YourAVCs and on the AVC pages of your online account on the member portal.

    • I want to know how much the AVC fund charges are.

      AVC fund charges

      You can view the charges for each of the funds on our “About the funds” page or on the AVC page of our website at btps.co.uk.

    • I want to transfer my AVCs to another pension scheme.

      AVC transfers

      If you decide it’s right for you, you can transfer either all of your AVCs out of the scheme – or make a partial AVC transfer i.e. just a portion of your total AVC holding to another pension scheme.

      You’re allowed to make a partial AVC transfer only once. Any further AVC transfer must be for the remaining balance of your AVC funds. This can either be a standalone AVC transfer, or as part of taking your main BTPS benefits at retirement.

      If you want to go ahead with an AVC transfer, contact us to request a quote and the forms you need.

      We strongly recommend that you get advice from an IFA before you transfer your AVCs, to help you make the right decision. You can find an authorised financial adviser at moneyhelper.org.uk. Guidance and help is also available from Pension Wise, part of MoneyHelper.

      Pension Wise is a government-backed service to help people over 50 make informed choices about defined contribution (DC) pensions. As AVCs are classed as defined contribution pension contributions, you can use the service to learn more about how your AVC fund could provide a lump sum or a regular income. You can book a free meeting with an adviser at moneyhelper.org.UK and search for 'Pension Wise appointment' or by calling 0800 138 3944.

  • Transferring my BTPS pension

    Transferring my BTPS pension

    • I want to know how much my pension would be worth if I transferred it to another scheme.

      Pension transfers

      You can get a transfer out quote here.

      Transferring out of BTPS is a big decision. If you decide to leave you can’t reverse that decision once the transfer is complete. Make sure you read the information provided with your quote.

      If the value of your BTPS benefits (excluding any AVCs you may have) are more than £30,000 you must get advice from an independent financial adviser before you can transfer out.

      You should also protect yourself against pension scams. Here’s some guidance from the Financial Conduct Authority fca.org.uk/scamsmart.

    • I want to know what a 'cash equivalent transfer value' is as my IFA has asked for one.

      Transfer values

      A cash equivalent transfer value (CETV) is a cash amount that broadly reflects the total value of your BTPS benefits if you were to transfer them to another pension scheme. To work it out we look at how much it is likely to cost to provide your benefits under the Scheme, including:

      • The annual pension you’re entitled to under BTPS Rules, and
      • Benefits that we might pay in future – like a spouse’s or dependant’s pension.
        We also factor in other things like your age and current market conditions. That means your transfer value CETV could change over time and might go down as well as up.

        Transferring out of BTPS is a big decision. If you decide to leave you can’t reverse that decision once the transfer is complete. Make sure you read the information provided with your quote.

        If the value of your BTPS benefits (excluding any AVCs you may have) are more than £30,000 you must get advice from an independent financial adviser before you can transfer out.

        You should also protect yourself against pension scams. Here’s some guidance from the Financial Conduct Authority fca.org.uk/scamsmart..

      • I want a transfer value for divorce purposes.

        Divorce

        If you are going through a divorce, your ex-partner’s solicitor may have requested a cash equivalent transfer value (CETV) quote for divorce purposes.

        You can get this quote here.

        You can also read our Divorce Guide to understand more about pension sharing and earmarking orders and the process we have to follow if issued with a court order in respect of your pension.

      • I want to know if I can transfer just part of my BTPS pension.

        Partial transfers

        If you built up benefits working at BT both before and after 1 April 2009, you may be eligible for a partial transfer. This would mean transferring out just the benefits you built up after 31 March 2009. The benefits you built up before 1 April 2009 would then remain with BTPS for you to us toward your retirement.

        If you are eligible for a partial transfer, your Transfer Out Quote will show you a partial transfer value.

        You need to be sure that any new scheme is able to meet your needs as effectively as the valuable, lifelong benefits you’ve built up with BTPS. If your partial transfer value is more than £30,000 you must speak to an IFA.

      • I want to know how to protect myself against pension scams.

        Pension scams

        Transferring out of BTPS is a big decision. If you decide to leave you can’t reverse that decision once the transfer is complete. Make sure you read the information provided with your quote. If the value of your BTPS benefits (excluding any AVCs you may have) are more than £30,000 you must get advice from an independent financial adviser before you can transfer out.

        You should also protect yourself against pension scams. Here’s some guidance from the Financial Conduct Authority fca.org.uk/scamsmart..

      • I want to know if I have to pay for a transfer value.

        Transfer quote charges

        You are entitled to one free guaranteed transfer out quote every 12 months. If you request another guaranteed quote within 12 months there will be a £250 charge.

        Find out more about transfer quote fees here.

        You can get an illustrative (non-guaranteed) transfer value free of charge – unless you already have an existing guaranteed quote that’s still within its three month guarantee period.

    • Pension payments question

      Pension payments question

      • I want to change the bank account my pension gets paid into

        If your new bank or building society account is in the UK, you can change your details directly on our member portal. Just register and log in and go to My Bank details. You can find a list of pension payment dates there too. Alternatively, you can download and complete a Change of Bank form which you can find on the Forms & Guides page of our website.

        Your pension is paid on the last working day of each calendar month. To avoid any delay to your pension payments we advise you to keep your previous account open until you have seen your pension credited to your new account.

        If you want your pension paid into an overseas (non-UK) bank account, you will need to download and complete a Western Union form, which you can find on our website and portal under Support. The form will default to your local currency so, if you wish to be paid in pounds sterling, you will need to amend the form to indicate that. If you want to receive payments in pounds sterling, please check your bank will accept such payments and be aware they may charge for this service.

        Payments to overseas accounts usually arrive between 3-8 working days after the payment date.

      • I want to know how much my first pension payment will be

        Your pension is paid in arrears, on the last working day of each calendar month.

        When applying to take your pension, you will need to tell us your chosen ‘pension start date’. This is the date your pension is effective from – but is usually different from the date you receive your first pension payment or any tax-free lump sum. Your pension is paid in arrears on the last working day of the month (we pay early in December). This means your first payment is likely to be a part payment (or pro-rata) and will cover the period from your pension start date until the last working day in that month, rather than being a whole month’s pension. Make sure you take that into account in your planning.

        View a table listing the pension payment dates for the current tax year here.

        You can view and download your monthly payslips online from our member portal. Register and log in from our website homepage at btps.co.uk and go to My account.

      • I want to know why my pension has reduced because of the 'State Pension Offset'

        If you were an active member of Section B or Section C of BTPS from 6 April 2009, the State Pension Offset will reduce your BTPS pension once you reach your State Pension age.

        What is the State Pension Offset?

        A permanent reduction to your annual BTPS pension when you reach State Pension age. It’s important to look at the figure we provide in your Pension Quote, or on your portal quote, for your State Pension Offset. Be aware though that the figure will rise broadly in line with National Average Earnings (known as Section 148 Orders) each year so it will be higher when you reach State Pension age.

        Why do we apply it to your pension?

        Before 6 April 2009, BTPS was contracted out of the State Second Pension (also known as the Additional State Pension). This meant that you and BT paid less in National Insurance contributions as you weren’t building up a State Second Pension. As part of this arrangement, the Scheme agreed to provide members with a guaranteed minimum level of pension benefits that were similar to the State Second Pension they’d given up.

        From 6 April 2009 Section B and Section C of BTPS stopped contracting out and contracted back into the State Second Pension. This meant that, from this date, these members paid higher National Insurance contributions and started to build up an entitlement to a State Second Pension to top up their basic State Pension. BT also compensated members for the additional National Insurance contributions that they had to pay. If you were one of these members, you’ll have seen this on your BT payslip as an allowance.

        You can find out more in our State Pension Offset factsheet.

      • I want to get a copy of my pension payslip / P60

        If you are a BTPS pensioner, you can view and download copies of your pension payslips and P60s on our member portal. Register and log in from the homepage of our website at btps.co.uk and go to My account.

        You can find out more about how annual pension increases are applied to your pension in our Payslip Guide. Read the one that applies to the Section of the Scheme you're a member of.

      • Do you still send paper payslips?

        We are trying to reduce the amount of paper communications we send, to support our net zero 2035 goal. You can view your regular payslip information online on our member portal.

        We apply annual pension increases every April. Your April portal payslip will reflect this increase.

        For members without internet access, we will send a paper payslip in April each year, following any pension increase applied on 1 April.

      • I want to know when and by how much my pension will increase by each year.

        We pay any annual pension increases in April. For members in Section B, increases are currently in line with the rise in the Consumer Prices Index (CPI). For members in section C, increases are currently in line with the Retail Prices Index (RPI) - or by 5%, whichever is lower.

        If you’ve been taking your pension for less than 12 months by April, you’ll get a proportionate increase.

        If you built up BTPS benefits before 6 April 1997, some of your pension may be made up of Guaranteed Minimum Pension (GMP). If this applies to you, pension increases are applied to the part of your pension that is above your Guaranteed Minimum Pension (GMP).

        If you took a pension option that included Pension Increase Exchange (PIE), any GMP will be included in your annual increasing pension. This element of your pension may receive different increases to the rest of your pension, and some GMP benefits may not receive increases. Your Pension Guide gave you more information about how pension increases work.

        Read the Payslip Guide that applies to the Section of the Scheme you are a member of. This explains in detail how pension increases are applied to the different components of your pension. You can find the Guide on our website on the Payments page here.

    • Benefits payable upon death

      Benefits payable upon death

      • I want to know what pension my husband or wife would get if I die.

        BTPS will usually pay an annual pension to your surviving spouse or civil partner if you were to die. This pension would be payable to them for the rest of their life. Click the link below to get an estimate of what pension they might receive:

        Death before retirement quote (deferred)

        Death in Retirement (pensioner)

        There may also be a lump sum death benefit payable at the Trustee's discretion.

      • I want to know if my unmarried partner can get my pension if I die?

        If you’re not married or in a civil partnership, you many nominate another adult who is wholly or partly financially dependent on you, and who is likely to remain so. This person can be considered to receive the pension benefits that would have been payable to a surviving spouse or civil partner. This is called as adult dependant pension.
        An adult dependant pension can only be paid to one person and they must be over the age of 18. This type of pension is usually from common law relationships, but other adults may be considered.

        Payment is at the sole discretion of the BTPS Trustee. To nominate an adult dependant, log on to btps.co.uk and make your nomination online. Remember to keep your nomination up to date if your circumstances change.

        Click the link below to nominate your adult dependant:
        My adult dependant nomination

        Please be aware that if you marry after nominating an adult dependant, the nomination would become void, as an adult dependant’s pension may only be considered where there’s no legal spouse or civil partner.

        If you are a Section A member and if there’s an adult dependent that you didn’t nominate before your death, BT would need to agree to them being treated as if they had been nominated.

      • I want to know if my family will get any lump sum when I die?

        A Lump sum may be payable upon your death. The payment of a lump sum will depend on when you die, whether you have started taking our BTPS pension and, if so, how long you've been retired.

        The BTPS Rules will determine if a lump sum benefit is payable and the Trustee has complete discretion when deciding who should receive it. By completing an Expression of Wish, you can let the Trustee know who you'd like to be considered for any lump sum benefits that may be payable, but please note, an Expression of Wish is not binding on the Trustee.

        Click the link below to learn more about death benefits:
        Death before retirement quote (deferred)
        Death in Retirement (pensioner)

      • I want to know what happens to my beneficiary (widow/widower) pension if I remarry?

        Under the BTPS Rules, your beneficiary pension is payable to you for life, so you'll continue to receive it if you remarry.

      • I want to know if my children can get any of my pension if I die?

        The BTPS Rules allow for the payment of a pension to any dependent children a member may have. The definition of a dependent child is one who is dependent on the deceased at the time of death. A child pension may be payable to a child the deceased conceived, adopted or became a step-parent to before they stopped working for BT. In certain circumstances children for whom the deceased was acting in the position of a parent may also be included.

        The child must be:

        • Under 17, or
        • Between 17 and under the age of 23 and in at least two years’ full-time education (e.g. at secondary school, college, university).
        • Between 17 and under the age of 23, in at least two years’ full-time training for a trade or profession and earning below a set level. The child must also be receiving either no remuneration or remuneration that does not exceed a set threshold.
        • Over 17 and physically or mentally unable to support themselves.

        NB: The pension may also be payable until the child’s 25th birthday if:

        • The deceased member died before 6 April 2006 and the child’s pension was being paid or due to be paid before this date, or
        • The deceased member was taking their pension from the Scheme on 5 April 2006 and the child was born on or before 5 April 2007.

      • I want to nominate a beneficiary for any pension or death benefits if I die.

        You can nominate your chosen beneficiaries here. Please read the information provided and remember to update your nomination if your circumstances change.

    • Member portal question

      Member portal question

    • Help with an existing query

      Help with an existing query

    • Other

      Other

      • I want to change my address.

        You can change your address in My Details.

      • I want to change my email address.

        You can change your email address in My Details. Please note that changing your email address will not change the email you have used as your username to register with this portal. If you want to change your portal username/email you will need to contact our Member Services team on 0800 731 1919 (or +44 (0) 203 0233420 from abroad). Our phone lines are open Monday to Friday between 8.30am and 5.00pm.

      • I want to know which Section of the Scheme I am in.

        You can find your Section in My Membership

        Section A is for members who joined before 1 December 1971.

        Section B is for members who last joined the Scheme between 1 December 1971 and 31 March 1986 (or Section A or B members who left BT and subsequently rejoined after 31 March 1986) or members who have elected to switch from Section A.

        Section C is for members who last joined the Scheme on or from 1 April 1986 but before the Scheme closed on 31 March 2001 or members who have elected to switch from Section B.

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