Reports and Campaigns

spotAbout the Socialist Party




spotElection campaigns



spotSocialist women


spotYouth and Students

All keywords

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Pensions keywords:

Elderly (42)

Pension (256)

Pensioners (75)

Pensions (515)

Reports and campaigns:

Anti-capitalism (1237)

Anti-fascist (561)

Anti-racism (704)

Anti-war (1488)

Asylum (211)

Black and Asian (394)

Children (377)

CNWP (108)

Corporate crime (2)

Disability (201)

Education (3914)

Election campaigns (2448)

Environment (608)

EU (450)

Finance (99)

Food (270)

Health and safety (33)

Health and welfare (315)

Housing (1036)

Human Rights (380)

LGBT Pride (143)

Local government (2180)

Local services (3658)

Low pay (509)

Migration (56)

Nationalisation (145)

New workers party (467)

NHS (1842)

Pensions (701)

Post Office (222)

Poverty (573)

Privatisation (1017)

Public Services (1131)

Socialism (872)

Socialist (43)

Sport (196)

Stop the slaughter of Tamils (90)

Students (1829)

The state (1368)

Transport (551)

TUSC (999)

Welfare rights (716)

Women (763)

Workplace and TU campaigns (8261)

Youth (1966)

Related websites

Youth Fight For Jobs

Trade Unionist and Socialist Coalition

National Shop Stewards Network

Tamil Solidarity

Highlight keywords  |Print this articlePrint this article
From: The Socialist issue 960, 30 August 2017: McStrike against low pay

Search site for keywords: BT - Pension - Benefits - Pensions - CWU - Pensioners

BT attack on pension benefits

Public sector workers striking against pension cuts, 30 November 2011, photo Senan

Public sector workers striking against pension cuts, 30 November 2011, photo Senan   (Click to enlarge)

Clive Walder, CWU member (personal capacity)

For the second time in nine years BT is seeking to attack the pension benefits of its workers. In 2008 the BT unions 'sold' their members a 1% increase in contributions and an increase in the pension age to 65 to protect the long-term interests of BT pensioners.

An expected increase in the deficit by nearly 4 billion was leaked to the press in advance of this year's triennial review of the scheme's finances. It is very likely that this was a deliberate act on behalf of shareholders who are fed up with continually making contributions to reduce the deficit.

One of the reasons BT is claiming this is necessary is that the old final salary scheme is composed of a dwindling number of contributing members and an ever-increasing number of people drawing pensions.

The cost to the pension fund of financing mass redundancies is also a considerable factor in this situation. But BT decided to close this scheme to new entrants in 2001 helping to create this problem!

Pension fund trustees take advantage of workers' lack of understanding of pension finances by using large numbers to frighten them into accepting reduced benefits. The deficit quoted by BT is what it would be if every member drew their lifetime's pensions at once.

This is clearly something that is never going to happen but such propaganda will frighten workers. In fact BT has completely failed to demonstrate it is unable to afford to continue to finance the deficit.

It is encouraging that the Communication Workers' Unon (CWU) has said that it will ballot for industrial action if BT stops further benefit accrual of workers still in the final salary scheme.

The current pensions time bomb demonstrates that capitalism can't guarantee a comfortable retirement. There is an urgent need not just to kick the Tories out of government but also the pension robbers out of the boardrooms and replace them with workers' control of a publicly owned economy which will use the enormous wealth currently enjoyed exclusively by the rich for the benefit of all.

Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Related links:


triangleBT pensions review - oppose the attacks on the pension schemes

triangleBosses' pensions robbery

triangleWorkplace news in brief

triangleNHS SOS round-up

triangleThe Socialist inbox


triangleRoyal Mail bosses block strike - back postal workers

triangleYoung people being strangled by debts

triangleSet for national strike action

triangleThyssenKrupp - Tata steel merger


triangleTwo in five 'right to buy' homes now for let

triangleWaltham Forest Universal Credit protest

triangleDriving examiners walkout hits first day of new test


trianglePlymouth PCS members fight relocation threat

triangleCWU strike ballot to win 'Four Pillars'


triangleUnite local government sector plans strike ballot


trianglePowerful picture of the Port Talbot steel workers' struggle