Your last chance…

… to join the existing pension scheme. Rather surprisingly the BBC is not publicising this, but you can still join the defined benefit pension  scheme.  After December 1st, the defined benefit (DB) scheme will be closed to new members, and your only pension option will be the defined contribution (DC) scheme.

(Under the DB scheme you and the BBC pay in to the pension fund, and at the end your pension is related to how many years you’ve been in the scheme. Under the DC scheme you and the BBC pay into a different pension fund, which is invested in the market, and your returns depend on how well the fund has performed in the market.)

Regardless of how the current dispute plays out, I find it very hard to envisage circumstances where joining the DC scheme is better than the DB scheme. You’ll need to look at your personal circumstances but if you’re not in the DB scheme then I would look very seriously at getting into it NOW, whilst you still can!

UPDATE: 19th Nov

I spoke too soon. Lucy Adams has emailed everyone today about the impending closure of the DB scheme.

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