This newsletter is available for listening:

Jill Mackenzie

Chair of the BTPS Trustee Board

Welcome to the BTPS member newsletter. I’m pleased to introduce this year’s newsletter, keeping you updated on the progress of the Scheme over the past year.

Over the year we have maintained our focus on the Scheme’s core objectives: ensuring the funding plan remains on track; that the Scheme’s investment strategy stays resilient; and continually improving the service we provide to members.

I’m pleased to say that despite high levels of global economic uncertainty and market volatility, the Scheme still remains on course to be fully funded by 2030, with the funding deficit in line with projections. I’m pleased that the diligence and hard work which goes in to managing and scrutinising our investments in these challenging times is paying off.

Your feedback continues to play a vital role in the way we evolve our services. I would like to extend my thanks to members who completed our first survey with the Institute of Customer Service (ICS). The results of this independent survey show our customer service as one of the highest rated in the UK. As a result, we’ve attained Service Mark, a national standard independently recognising organisations on their commitment to customer service. Our own internal survey shows that overall member satisfaction has remained high at 86.5%. When I visit our Member Service Centre in Chesterfield it pleases me to see the commitment of everyone to deliver their best for members.

I was delighted to see that BTPS has once again been awarded Scheme of the Year at Professional Pensions’ UK Pensions Awards 2025. Our industry leading fully online retirement service is now also award winning, having been recognised by the Forum Awards as overall winner in the Innovation & Transformation category.

We have welcomed four new trustees to the Trustee Board since the last newsletter. You can read more about Ricky Henderson, Pauline Rourke, Steven Dickson and Matt Davies later on in this newsletter. At the end of August 2024, we heard the sad news that BTPS Trustee Andy Kerr had died. He was a much-valued member of the Trustee Board and we will miss his wise counsel, considerable insight and good humour.

Finally, it was fantastic for the Trustees to once again spend time with members in person when we visited one of the Scheme’s largest investments with a strong focus on innovation and sustainability – Milton Business and Technology Park in Oxfordshire. A home for over 250 companies, it’s a fascinating hub for innovation, leveraging talent from the world-leading research found at both Oxford and Cambridge universities. Read on to learn more.

I hope you find this edition of the annual newsletter helpful and informative.

Member visit:

Milton Park

Where life and work connect –
Milton Park, science, business
and technology hub

For this year’s member visit, we dived into the transformative power of investment as members explored Milton Park, a dynamic hub of innovation, fostering a thriving enterprise ecosystem for over 250 companies outside of Oxford.

What is Milton Park trying to achieve, and how is BTPS involved?

Milton Park is a three million sq ft science, business and technology park near Oxford, within the Oxford-Cambridge Arc. Previously an RAF depot, it is now home to 9,000+ workers and 270 businesses spread across 84 buildings which serve as offices, laboratories and industrial sites.

Businesses which reside at the site include Evotec - one of world’s leading drug discovery and development companies which partnered with Oxford University to develop the Oxford-AstraZeneca COVID-19 vaccine. Organisations based in Milton Park have secured over 7.5% of the UK’s overall investment in life sciences over the past decade.

Looking forward to the future, the vision for 2040 at Milton Park is to show itself as a leader in sustainability. Minimising the innovation district’s environmental impact is a core aspect, employing recycling and waste reduction practices across the Park, and nurturing biodiversity.

The drive towards a sustainable economy is also reflected in the companies at the Park, including Nexeon, who develop lithium-ion batteries for electric cars, and Tokamak Energy, who research and develop clean energy solutions.

The Scheme, through a joint venture with Canada Pension Plan Investment Board (CPPIB), owns 50% of the estate. Valued at almost £400million, it is one of the largest holdings for the Scheme.

Milton Park has generated strong returns for the Scheme to date, producing an approximate 14% five-year annualised return to March 2025.

Find out more about the Scheme’s sustainable investments on our website at btps.co.uk/SustainableInvestment.

‍

Watch a video filmed with our BTPS members on the day.

Member profile:
John Hewitt

One of the members who joined us for this year’s visit was John Hewitt.

John joined the GPO, as it was then, in 1978 as an apprentice working outside on the ‘poles & holes’. Soon after he completed his apprenticeship and started working on the telephone exchanges, modernising the network from analogue to digital and installing all the grey and blue racks you see today.

In 1988 John moved into management and enjoyed a series of roles in BT and Openreach, culminating in Chief Engineer director for UK South, delivering the new FTTP (Fibre to the Premises) network we see Openreach and its CP partners selling today.  John retired in August 2024, exactly 46 years after he started.

Notable teams: John led the team that closed Keybridge House in London, he built and led the Openreach chief engineers’ team which kick-started the FTTP journey in 2017, and lastly, he was part of the team that successfully sold the BT Tower in 2024.

News in brief

Welcoming new trustees

Since the last newsletter the Scheme has welcomed one employer nominated and three member nominated trustee directors.

At the end of 2024 we were joined by Ricky Henderson and Pauline Rourke.

Pauline joined BT in 1979 and has over 45 years of service. She grew her career at the Communications Workers Union (CWU) and served as an Assistant Branch Secretary for CWU and a General Council Member of the Scottish Trades Union Congress (STUC). Pauline has joined the Administration & Communications (A&CC) and IDRP2 (dispute resolution) committees.

Ricky also has over 45 years with BT group and was a CWU representative for most of his career. He has been a non-executive director at NHS Lothian and is currently a member of Employment Tribunals Scotland as well as Chair of the CWU Edinburgh, Dundee & Borders branch. Ricky has joined the A&CC, Audit & Risk (ARC) and Discretions committees.

In 2025 we were also joined by Steven Dickson and Matt Davies.

Steven had a 32-year career at BT, holding various senior positions, latterly leading BT’s Global Contract Assurance programme. He was previously a Governance Committee member on the BT Retirement Saving Scheme and was formerly part of the Prospect Trade Union National Executive Committee. He is currently serving as Chair of the Prospect Scotland regional branch and is a member of the National Federation of Pensioners (NFOP). Steven has joined the ARC and Investment (IC) committees.

Matt Davies is currently chief finance officer at Openreach, a position he had held since 2017. He’s a chartered management accountant and before joining Openreach was the chief financial officer BT Consumer. He started his career working at ITV before joining the finance team at Unilever. He is an employer nominated trustee and succeeds Emily Clark who, having left BT, stepped down from the Trustee Board in June. Matt has joined the Investment (IC) Committee

BTPS completes two longevity swap transactions totalling £10billion

While we hope all of our members have a long and happy retirement, one of the biggest funding risks for the Scheme is that members live longer than our actuarial models predict. In order to help protect the Scheme from the cost of unexpected increases in life expectancy of members, we completed two new longevity reinsurance transactions during the Scheme year, totalling £10bn. This builds on similar transactions undertaken in 2023 and 2014.

The intention with these transactions is to reduce the level of longevity risk within the Scheme to provide a less volatile funding position in the future.

These transactions help to advance the development of the Scheme’s long-term investment strategy, providing increased certainty for the Scheme, our sponsor, and members "

Jill Mackenzie

Read more on our website at: https://www.btps.co.uk/News

Staying safe against scams

with Moira Stuart

Popular broadcaster and newsreader, Moira Stuart CBE, has joined forces with AbilityNet and BT Group to encourage older people to learn new digital skills, and raise awareness of online scams. As part of the initiative, Moira accompanied 51 seniors on a coach trip from Birmingham to Blenheim Palace near Oxford.

The trip was part of BT Group and AbilityNet's efforts to help close the digital divide, particularly among older people and disabled adults.

New BT Group research* reveals 57 is the average age that UK citizens start losing confidence in digital skills – while those over 65 are 14% less confident about using digital technology than the average respondents.

The research also revealed over a quarter of over 65s (28%) receive multiple scam calls, texts or emails a week, with those aged 55-64 reporting encountering more scams than any other age group.

During the journey, the group took part in a digital skills sessions led by AbilityNet and supported by BT Group volunteers. They learnt about online safety, including how to avoid scams and use QR codes. Moira even shared her own experience of being scammed:

I was called by a scammer pretending to be from my bank and told that my bank was under investigation because of suspicious activity, and I should go to another branch of the bank and withdraw a large amount of money. Fortunately, when I arrived at the bank, it was then that I realised I was being scammed. "

As part of the visit Moira also shared her own tech tips with the group, and encouraged older people to embrace learning digital skills.

The research also revealed over a quarter of over 65s

28%

receive multiple scam calls, texts or emails a week, with those aged

55-64

reporting encountering more scams than any other age group.

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Technology sure as hell is useful. You need to pay bills, or stay in touch with family and friends, particularly if they’re abroad. Everybody needs to get onto their equipment to find out whatever it is they need to know. "

Staying safe online

Getting online can make life easier in lots of ways, but it also comes with the risk of fraud. Scams are becoming increasingly common, but by knowing what to look out for, you can protect yourself and stay safe online.

For tips on how to keep your devices safe, and the most common online scams to look out for, read the BTPS Staying Safe Online factsheet at btps.co.uk/FormsAndGuides.

*Opinium poll of 2,000 adults carried out on behalf of BT Group.

Training the next generation

of pensions administrators

When you get in touch with BTPS by phone or email, you’ll find yourself talking to our friendly, skilled pensions administrators. Many of these people were recruited local to the Scheme’s administration centre in Derbyshire and built their expertise through Brightwell’s award-winning Pensions Academy training programme. This training course has been shaping bright minds and preparing them to offer the excellent service you deserve.

Brightwell is the main service provider to BTPS, providing services including investment, member services, and operational support. They work closely with BT to ensure consistency in serving both current and former employees. The Brightwell Pensions Academy, founded in 2022, is a learning programme aimed at nurturing and developing careers within the pensions industry.

The programme takes 9-12 months to complete, upon which trainees are promoted to the role of Pensions Administrator. The academy supports the local economy, with over 70 UK jobs having been created since it started.

The Pensions Academy has won two industry awards:

Innovation in Learning, Development and
Talent Retention

PMI Pinnacle Awards

Training Scheme of the Year

Professional Pensions Rising Star Awards

Pensions Academy graduate interview
with Lottie

What was your background before becoming a pensions administrator?

I studied up to A-levels (Law, Sociology and English). Before joining the pensions industry, I worked in a bunch of different retail and hospitality roles, including behind the bar in a pub and in Debenhams.

What was the best part about the academy?

I joined as an Academy Pension Administrator in the very first Pensions Training Academy, and I was the first woman to graduate in August last year, gaining two pension administration qualifications. The course normally takes up to 12 months, but I completed it in just 8 months!

Why did you choose pensions administration?

None of my previous roles ever felt fulfilling and gave me the opportunity to help people when it mattered. Training to become a pension administrator came with a huge learning curve, but it’s immensely rewarding as I’m speaking to members daily and helping them with their queries.

I particularly want to thank my mentors in the Pensions Academy, and the operations managers. Their guidance has been essential to my success in the role.

What have you gone on to do since graduating?

Since graduating I’ve transitioned into my role as a pension administrator, where I support BTPS members by handling case work and taking member calls. Talking to members directly has been a rewarding experience and I’ve learnt so much in such a short time.

I also got to attend Project Management Institute’s (PMI) annual Pinnacle awards ceremony, where the Brightwell Academy received the award for Learning, Development, and Talent Retention. It was an exciting night and a well-deserved honour.

Satisfaction survey

This year, the results of our internal survey show that member satisfaction has remained high at 86.5%. In addition, our first external customer service survey, conducted with the Institute of Customer Service (ICS), showed a score of 89.1%. This is one of the highest scores in the country, beating the UK average of 75.8%.

BTPS annual member satisfaction survey results 2025

Year on Year Performance

Your feedback also is the main driver of our improvement campaigns. If you receive an email survey from us or are offered the chance to leave feedback after a phone call, please take the time to tell us what went well and what we can do better.

2025 marked the second year in a row that BTPS was named

‍Pension Scheme of the Year at the UK Pensions Awards.

Our member services team also won two awards for their work implementing fully online retirements for BTPS members, and the investment team also won DB (Defined Benefit) Investment Manager of the Year at the 2025 Pensions Age awards for their work on BTPS, with the judges commenting:

" 

They showcased a clearly-articulated approach to solving some of the key DB funding and investment challenges facing the sector today – a real thought leader.

 "

BT Benevolent Fund

First founded as a Post Office charity in 1853, the BT Benevolent Fund now serves past and present BT employees and their dependents, who are suffering financial hardship. BT Benevolent Fund is a separate organisation to BT and to the BT Pension Scheme.

Assistance is provided in a wide variety of ways, including grants to relieve the pressure of priority debt arrears, the repair or replacement of basic household appliances or to fund changes to a person’s home, required to cope with illness or disability, such as stair lifts, walk-in showers and provision for wheelchair access.

Elderly former BT employees with very low incomes can also apply for a weekly grant of up to £70 per week, whether living at home or in residential care.

To find out more about how the BT Benevolent Fund can help you, or to make a donation, visit www.benevolent.bt.com or telephone 0800 756 5555.

Keep in touch

To keep up to date with important news about your pension, register for our member portal and log in to manage your pension online.

We regularly verify the identity of our members to protect against fraud, so please keep your contact details up to date, particularly if you change address. If we lose contact with you, we may have to suspend your pension until we can confirm your identity.

Visit: btps.co.uk

Call: 0800731 1919 (or +44 203 023 3420 from overseas) Lines open Mon to Fri, 8:30 to 5pm exc. Bank Holidays.

Email*: member@btps.co.uk

Write*: BTPS, Sunderland, SR43 4AD

* Please include your name, date of birth and either your BTPS membership number or National Insurance number in any correspondence.

This newsletter is for information purposes only and does not constitute advice. Where appropriate, individuals should seek professional advice before making decisions relating to their pension. Your BTPS benefits are always subject to the BTPS Rules and relevant legislation. If there’s any difference between this document and the BTPS Rules or legislation, the BTPS Rules and legislation will take precedence.

Portal terms of use

We have updated our member portal terms and conditions. You can find the new terms of use at https://portal.btps.co.uk/TsAndCs.

How we use your personal information:

BT Pension Scheme Administration Ltd t/a Brightwell, on behalf of the Trustee, will process personal data relating to you, and to any person whose personal data is provided in connection with potential benefits, in order to administer the Pension Scheme.

For more information on how we process your personal data and what your individual rights are under the UK General Data Protection Regulation (‘UK GDPR’) and Data Protection Act 2018 (‘DPA 2018’), please read our latest Privacy Notice at btps.co.uk/PrivacyNotice.