BT no longer has an age at which you must leave employment.
So, it’s up to you when you choose to stop working. You can choose to continue to contribute to the BTPS and earn additional pensionable service whilst you are employed by BT.
If you’re not leaving BT, you may need company consent to take your pension and continue in employment.
You will not require company consent if you are a Section A member aged 55 or over, but you will be required to complete the form which can be found on the BT intranet.
As a Section A member consent is not required on the basis that it is not currently required for members of the Principal Civil Service Pension Scheme (PCSPS).
If the PCSPS terms were to change at any point, then employer consent may be required.
In many cases, as a Section A member you can elect to become a Section B member at the point of retirement.
If you choose to do this the consent requirements applicable for Section B members will apply.
What do I need to do?
Request to take flexible retirement
If you would like to take flexible retirement, you can select your retirement options through the pensions portal or by contacting the administration team for a quotation. As described above, you may also need to apply to BT for consent, or if you are over aged 55 complete the relevant forms. More details can be found on the BT intranet.
You will receive a quotation
Once the administration team has received your request you will receive a full retirement pack in the post. This will include details of all the retirement benefit options available and any paperwork that you are required to complete should you want to go ahead.
Confirming your choice
Once you have reviewed the retirement pack, if you would like to go ahead, complete the paperwork and send it back to the administration team.
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You will then receive confirmation of the date your chosen retirement benefits will be paid.
Things to consider
- If you reduce your hours you may take a drop in pay. If your retirement income is small, you could be worse off.
- The way you take your retirement benefits may impact how much you can save in the future.
- The earliest you can receive your State Pension is when you reach State Pension Age but you can consider deferring it.
Visit the www.GOV.UK website for more information.