BT has launched a group self-invested personal pension (Sipp) plan for its 20,000 employees currently in trust-based defined contribution (DC) plans.
The telecoms firm will open the Sipp in April 2009, following a comprehensive review and consultation process of all its existing UK pension arrangements.
The first employees joining the new scheme, provided by Standard Life, will transition across from existing BT pension schemes.
It will also be available to new joiners and will match the same funds as currently offered by the DC pension to simplify the initial transition of members.
Andrew Dickson, senior business development manager, Standard Life Corporate Solutions, said: “The [BT] scheme will set a new benchmark in the corporate pensions market through the mix of [an] innovative contribution structure, including underpins for lower earners and generous employer matching, as well as auto enrolment, sharesave roll over and scheme governance.”
Employees will be able to transfer their BT Share Plan maturities into the group Sipp via a bespoke BT single share tracker fund.