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 AVCs offered by Standard Life can be found by logging onto the Standard Life website. From here you will be able to find out all the information you need about paying AVCs, the investment choices available, your options on retirement, as well as the forms required to start paying or to change the level of your AVC payments.
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 Scheme years.
In the forms and downloads section there are forms to help you start paying AVCs or to change your investment instructions. For AVCs invested with Standard Life you can also manage your AVC account online by accessing Standard Life's Online Services.
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.
The BAE Systems Pension Scheme Consultative Committee exists to promote a better understanding of issues facing members in the pensions field. Representatives of this Committee are able to support members. They provide a formal channel through which matters that are of particular interest or concern to both in-service and deferred members can be raised. They are also actively involved in improving communication links between the Company and Scheme members. If you would like to discuss a pensions matter, please refer to the Consultative Committees page for further information and to find the contact details of a Representative local to you.