British Telecom Looking To Screw-Over Thousands Of Their Pensioners

[Hymie]

To me, what is interesting about BT’s argument that they should be able to limit their liability to their final salary pensioners – is that the scheme is more generous than that available to younger members (and that would be unfair).

If I was the person evaluating the merits of such an argument – I would dismiss it out of hand. After all, it was BT who limited the benefits available to the younger members; if they announced at the time that this was unfair to its younger members, I might have some sympathy for their current argument.

http://www.telegraph.co.uk/business/2017/05/27/bt-cap-pension-pots-fill-14bn-hole/

[Old_Geezer]

Another company failing to cover it's responsibilities and wanting to renege on it's agreement with employees citing their utter failure to be able to keep the company a going concern otherwise. If they need help they should ask the government for a handout, the taxpayer forks out for everyone else. Existing pension contracts should remain sacrosanct though. Unless there's 100% agreement to the change by the pensioners affected.

[mikey4444]

Hymie....I agree...this is outrageous.

I am in receipt of my BT Pension, so it looks as if people like me will be OK, at least for now. But BT has produced huge profits over the years.

This is not good !

[fiction-factory]

I may be wrong, hymie, so please correvt me if I am, but i don't think this is about changing things for existing BT pensioners, or taking away accrued benefits already paid for, but it's about changing future accrual provisions for those who are still working and accruing benefits. Most companies in the private sector have elminated final salary pensions, some even career average schemes, just offering defined contribution schemes.