Here you will find the latest news about the Scheme
The pension increase will be applied from 1 April 2016
Rostam Kilgour has been elected as a Member Nominated Trustee
Additional flexibility with pension increase exchange (PIE) - the BBC has written to eligible BBC Pension Scheme (the Scheme) pensioners about the option to give up some or all of the future increases to their pension in exchange for a higher pension now. This includes independent financial advice funded by the BBC.
Andy Baker’s term of office as a Trustee ends on 30 April 2016. Candidates are sought to serve for a six year term from 1 May 2016.
The BBC is putting in place support to help eligible BBC Pension Scheme (the Scheme) members consider whether or not to transfer their deferred pension to a defined contribution arrangement in order to take advantage of the greater flexibility available. This will include independent financial advice funded by the BBC.
The latest Budget included forthcoming changes to the Lifetime Allowance (LTA) and the Annual Allowance (AA). These changes may affect some members with large pension savings or a large overall income (from all sources)
Leslie Huss-Smickler has been elected as Pensioner Trustee
The pension increase will be applied from 1 April 2015
Changes to early payment factors for certain Career Average Benefits (CAB 2006 and CAB 2011) members
From time to time the Trustees and the BBC review the early payment factors.
Following the pension changes announced in the Chancellor’s 2014 Budget, the Trustees of the Scheme have agreed that with immediate effect:
If you are already in a qualifying pension arrangement (BBC Pension Scheme, LifePlan, and the Group Personal Pension Scheme (GPPS) your membership will continue unchanged.
The pension increase will be applied from 1 April 2014
Following the publication of the Equitable Life's half year results, the society has written to the Trustees to provide an update on a number of important matters.
A vacancy for a Trustee will arise when Rhodri Lewis’s term of office ends in April 2014. Rhodri has decided not to seek re-election. The successful candidate will serve a six year term from 1 May 2014 - 30 April 2020.
2013 has been a busy year for the Trustees as we have been carrying out the three-yearly valuation. Ensuring that the Scheme is appropriately funded is one of the Trustees’ most important tasks and the security of the Scheme has been uppermost in our minds during the year.
You need to be wary of transferring to schemes offering you loans, cash incentives or access to your funds before age 55 (except in cases of ill-health).
Geoff Jones is re-elected for a six year term
Geoff Jones' term of office as pensioner elected Trustee, ends on 31 December 2013.
This year's pension increase for Old and New Benefits members of the Scheme is 3.1%. Pensioners will receive a letter at the end of March confirming the details of the increase. The increase will be reflected in your April pension payment.
The Trustees have today issued the 2012 summary report, which shows the Scheme's deficit has risen from £1.4 billion to £2.6 billion. This was largely due to lower expectations of future investment returns as a result of the fall in real gilt yields, which has impacted all Defined Benefit schemes during the period.
The Trustees have considered the recent judgment by Mr Justice Warren with their legal advisors who have advised that they should continue to administer the Scheme on the basis of the contractual variation entered into between the BBC and its employees to cap salary increases for pension purposes at 1% p.a., unless and until there is a conclusive ruling that the contractual variation was invalid. The continuing dispute as to the validity of the variation is one between the employer and its employees and it is for them, not the Trustees, to resolve it.
Grant Cassidy has been re-elected for a six year term. He received 1,102 votes of the 2,073 votes cast (out of a possible 15,784). Dr Colin Thomas came second with 336 votes.
David Gallagher has been elected as the Member Nominated Trustee