The Company introduced an arrangement known as SMART Pensions with effect from 1 January 2006 and the majority of the Company’s eligible employees have joined.
 
SMART Pensions results in employees and the Company paying lower National Insurance (NI) contributions. The majority of employees receive higher take home pay.
 
A brief summary of SMART Pensions including the possible savings you can make is shown in in the SMART booklet.

What if I change my mind?
Participation in the SMART Pensions arrangement is not a compulsory part of membership within the BAE Systems pension schemes. You will be able to opt out and opt in to SMART Pensions if you wish during September each year. Normally the change will take effect from the November payroll. Please remember that if you are unsure about whether you should join, the Trustees and the Company cannot give you advice. If you need advice, please contact an Independent Financial Adviser.
 
To opt out or in to SMART please submit your request online via the BAE Systems Employee Service Centre portal (search ‘SMART’). If you are a BAE Systems employee and are unable to access the portal please call on 0208 068 2868. If you are employed by a participating employer other than BAE Systems, please contact your HR team for further assistance.
 
If you are opting out of SMART Pensions, the following will apply: 
 
•    You will automatically become a contributory member of the scheme you are in

•    You will lose the opportunity to benefit from the National Insurance Contributions you would have been entitled to under SMART Pensions

•    If you change your mind, you will normally be able to opt back in to SMART Pensions in September

•    Changes will take effect in the payroll following the closure of the option process
 
By opting into SMART Pensions:
 
•    You will continue to be a member of the scheme you are in

•    You will cease to make contributions to the scheme direct from your salary (with the exception of Additional Voluntary Contributions)

•    There will be an adjustment to your contractual gross pay (by an amount equivalent to the contributions that you would have paid had you not opted in to the SMART Pensions arrangements)

•    Your pension benefits (and all other company benefits provided to you) will be based on the reference pay that you would have received had you not opted in to the SMART Pensions arrangement

•    This is a change to your terms and conditions of employment (all other terms and conditions of employment remaining unaffected by this change)

•    If you change your mind, you will be able to opt back out of SMART Pensions in September

•    Changes will take effect in the payroll following the closure of the option process

•    This arrangement shall commence at the next available payroll

•    Your Company shall be entitled to withdraw the SMART Pensions arrangements by prior written notice

Forms and downloads

SMART Pensions booklet

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