Newsroom

Coronavirus (COVID-19)

The Trustees of all BAE Systems pension schemes have been working with their providers and administrators to ensure that your pension schemes continue to be administered on a timely basis.

A key priority is to ensure all our pensioners continue to receive their pension payments as and when they fall due and measures have been put in place to ensure this can be achieved. We would also prioritise retirement processing and our bereavement services.
 
For our members of the BAE Systems Pension Scheme - DC Retirement Plan and the BAE Systems Executive Pension Scheme – 2012 Retirement Plan or members who have paid AVCs or have a Level 100+ Retirement Account, we recognise the increase in market volatility due to the coronavirus may be causing you some concern. We appreciate this can be unsettling, especially if you have seen your pension value fall as a result of recent events. The Standard Life article Coronavirus, market falls and your investments explains, when markets experience volatility due to major global events like this, they tend to recover over time. We are also focusing on ensuring that your scheme contributions continue to be received and invested on a timely basis. 
 
You can access your DC Account with Standard Life via their website at standardlife.co.uk. If you are not already registered, click on ‘Register’ at the top right hand corner of the page and follow the simple registration procedure. You will need your Plan number which you can find on your Standard Life annual statement, or by contacting Equiniti. 
 
* NOTE: Be ScamSmart with your pension
Action Fraud has reported an increase in scamming activity linked to people’s fears around Covid-19. 
 
Pension scams can be hard to spot. Scammers can be articulate and financially knowledgeable, with credible-looking websites, testimonials and materials that are hard to distinguish from the real thing.
 
With the impact that Covid-19 has had on stock markets around the world and the affect that it is now having on our daily lives it is now more important than ever that you protect your pension.  It is anticipated that scammers could contact you to:
 
  •  Offer a review of your personal finances in the light of recent stock market losses; or to
  •  Offer you the ability to have early access to your pension savings.
To help you spot the signs and protect yourself from a scam, the Financial Conduct Authority (FCA) and The Pensions Regulator suggest the following four simple steps:
 
Step 1 – Reject any unexpected offers
This applies to all offers whether they are made online, on social media or over the phone. 

Step 2 – Check who you are dealing with
Check the ScamSmart website or call 0800 111 6768 to see if the firm you are dealing with is authorised by the FCA to give you pension advice.

Step 3 – Do not be rushed or pressured into any decision about your pension
Take your time to make all the checks you need – even if this means turning down what seems to be an amazing deal.

Step 4 – Get impartial information or advice
You should seriously consider seeking financial advice before changing your pension arrangements.  In some cases, for example where you are wanting to transfer more than £30,000 from a final salary scheme to a defined contribution arrangement, it is a requirement to do so. Consider using the Pensions Advisory Service which provides free independent and impartial information and guidance.
 
Be ScamSmart with your pension.  For more information visit the websites of the Financial Conduct Authority and The Pensions Regulator.
 
Any further updates will be posted here so please do check back regularly to get the latest updates.