News: BT redefine pension scheme for lower-paid staff

Compensation & Benefits

BT redefine pension scheme for lower-paid staff

BT has redefined its pension scheme from trust-based plan to Sipp, for the lower-paid staff. According to the scheme, they will spread employer contribution more evenly among members. Prior to this the employee contributions were on a scale of 4 percent to 10 percent of salary to which most of the employees did not contributed much. In the revised scheme called SIPP (self-invested personal pension), there is a minimum 5 percent contribution from the employee, but offers a bigger basic employer contribution of 8 percent in return.

BT has redefined its pension scheme from trust-based plan to Sipp, for the lower-paid staff. According to the scheme, they will spread employer contribution more evenly among members. Prior to this the employee contributions were on a scale of 4 percent to 10 percent of salary to which most of the employees did not contributed much. In the revised scheme called SIPP (self-invested personal pension), there is a minimum 5 percent contribution from the employee, but offers a bigger basic employer contribution of 8 percent in return.

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Topics: Compensation & Benefits, Employee Relations, #Updates, #TotalRewards

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