BT has started the required 60 day consultation on cuts to the BT Pension Scheme. Higher contributions from members are proposed as expected, in order to switch cash to shareholders. But the shock is the severe cuts to benefits – pay more get MUCH less. There is NO agreement with the union and members are urged to individually tell the company that BOTH options should be rejected. The newer scheme – BTRSS – is not getting hoped for improvements either. In the meantime consulting firm Mercer have reported that pension deficits are actually falling, thanks to interest rate rises and life expectancy leveling off.