The excitation energy transfer rates between the excited states of a Tb(III) complex containing the ligand 1-phenyl-3-methyl-4-(trimethylacetyl)pyrazol-4-one, are described. Energy transfer rate constants are derived from time-gated and time-correlated single photon counting measurements. Comparison with the analogous Gd(III) complex shows that there is efficient intramolecular energy transfer from a singlet state of the ligand to excited terbium f-electron states. There is no evidence of bi-exciton annihilation in these materials, even at very high exciton densities. The use of this complex as the active medium for electroluminescent device applications is addressed. We note the particular properties of the ligand which make it suitable for this application and suggest possible improvements.