BT Group reaches agreement on pension scheme for managers
Source - SMW
BT Group said it had reached an agreement with union group Prospect about the defined benefit BT pension scheme with regards to around 22,500 of its managers.
The telecommunications company said it would close the defined benefit scheme to managers for the future build-up of benefits on 31 May 2018. From that date, pension contributions would go into new individual BT retirement saving scheme accounts.
All benefits accrued in the pension scheme for service prior to 1 June 2018 would be protected.
With regard to employees other than managers, BT said it was still reviewing feedback and would continue to discuss this with the Communications Union before making a final decision.
Alison Wilcox, BT Group HR Director, said: 'We are working hard to ensure fair, flexible and affordable provision for members of our pension schemes. I am pleased that we've been able to reach an agreement with Prospect that achieves this, and we look forward to continuing our dialogue with the CWU."
At 1:43pm: (LON:BT.A) BT Group PLC share price was -0.9p at 249.45p