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BAE Systems Pension Scheme
2000 Plan Benefits

The BAE Systems Pension Scheme - 2000 Plan Benefits (“2000 Plan”) is closed to new members. Existing members continue to accrue benefits. Members are those for whom a transfer payment was made from the GEC 1972 Plan with effect from 6 April 2000, following the merger in November 1999 of British Aerospace and the Marconi Electronic Systems business of GEC.
Find out more about the benefits payable in the 2000 Plan Booklet.
 
Contributions to the 2000 Plan can be made under SMART Pensions.  Paying your contributions in this way means that you could pay lower National Insurance Contributions.
 
You can also choose to pay Additional Voluntary Contributions (AVCs).  AVCs can be invested with the external provider, Standard Life, or paid into the Selected Benefits Scheme (SBS) within the 2000 Plan.  
 
Details of the AVC funds offered by Standard Life are outlined in the Standard Life AVC Investment Fund Improvements 2019 guide.  The secure site at Standard Life enables you to view key information about your AVC fund, including:
  • the current value of your fund
  • key dates, such as your target retirement date
  • which investment funds your money is invested in
  • how much has been saved into your fund and when
 
You will need to register with Standard Life by calling their helpline on 0345 606 0098 (between 9am and 5pm Monday to Friday).
 
More information about the SBS can be found in the 2000 Plan booklet and the SBS booklet. Your accumulated SBS fund for retirement benefits will earn Credited Interest each year. The rate of Credited Interest is determined by the Trustee, on advice of the Scheme Actuary.  Credited Interest in any one year will be no less than 2.5% per annum.  See the Credited Interest Table for details of the rates declared in this and previous 2000 Plan years. It should be noted that the SBS booklet has not yet been updated to reflect the 1 October 2019 scheme merger.  It is anticipated that it will be updated prior to the end of the year.
 
In the forms and downloads section there are forms to help you start to pay AVCs or to change your AVC funds or target retirement age.
 
The 2000 Plan provides benefits if you die so please keep your Expression of Wish Form up to date.
 
The 2000 Plan also allows a member to nominate, via a Nomination of Specified Dependant Form, one or more persons to be a Specified Dependant. A Specified Dependant can receive a pension, however, this is subject to certain criteria at both the point of nomination and also at the time the pension becomes payable, i.e. when the member dies. This is different to the notification of wishes via an Expression of Wish form.  The Specified Dependant Form – Notes provides you with more information on Specified Dependants.
 
You may be permitted to retire at any time after the age of 55 and receive an immediate pension, subject to the Trustees’ and Company’s consent. Your pension will be reduced by an early retirement factor to account for the extra years over which your pension will be paid. The early retirement reduction factors are agreed between the Company and the Trustees on advice from the Scheme’s Actuary. They are reviewed periodically and may change from time to time. Currently, if you were to retire from active service and if Trustees’ and Company’s consent is given, your pension (assuming Basis 1) will be reduced by 3% for each year you are retiring before age 65.
 
If you are considering reducing your hours of work then it is important to think about the impact that this would have on your pension.  Please see the document Part-time working in the forms and downloads section.
 
Any questions? Have a look at the Quick help or contact the Administrator via the Pensions Service Centre link. 
 
Consultative Committees exist to promote a better understanding of issues facing members in the pensions field. Representatives of this committee are able to support members. If you would like to discuss a matter, please refer to the Consultative Committees page for further information, or contact the Pensions Service Centre to be put in touch with a representative.