Find out more about the benefits payable from the Scheme in the Scheme booklet.
Contributions to L125, 167, 187 and 200 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) in order to increase your retirement benefits. The Trustee has chosen Standard Life for the investment of AVCs. By accessing the Standard Life website 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. From here you can also manage your AVC account online by accessing Standard Life's Online Services.
You may be permitted to retire at any time after the age of 55 and receive an immediate pension, subject to Trustee and Company 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 Trustee on advice from the Scheme’s Actuary. They are reviewed periodically and may change from time to time. If Trustee and Company consent is given and you are aged between 55 and 60, your pension will be reduced by 3% for each year you are retiring before age 65. A flow chart provides you with information on early retirement.
If Trustee and Company consent to early retirement is not given then early retirement is not possible and you will be treated as leaving service with deferred benefits.
The Scheme provides benefits if you die so please keep your Expression of Wish Form up to date.
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.