BAE Systems Pension Scheme Funding Update
The Trustee of the BAE Systems Pension Scheme (‘the Scheme’) is pleased to announce that agreement has been reached with BAE Systems plc (the Company) on the actuarial valuation for the BAE Systems Section (‘the Section’) of the Scheme as at 31 March 2021.
Overseas pensioner address verification exercise
It is important that the Trustee(s) of the BAE Systems pension schemes hold up to date address details for all their members. The Trustee(s) have appointed the services of the XPS Pensions Group to carry out an address verification exercise for all overseas pensioner members who are in receipt of a pension.
2022 re-enrolment exercise
The Government introduced Automatic Enrolment in 2012, which is designed to help people save more for their retirement.
Lump sum AVC for 2021/22 tax year
Do you want to boost your pension savings before the end of the tax year?
Changing your pension level – For members of the BAE Systems Pension Scheme - Level 125, 167, 187 or 200 Benefits, Alvis Benefits and SIPS Benefits (VSEL and Portsmouth)
The Scheme is flexible and allows you to change the basis upon which your pension builds up each year.
Pension Essentials
A video designed to give you an overview of the benefits you enjoy as a member of one of BAE Systems’ pension schemes.
BAE Systems Pension Scheme Net Zero Statement
Our investment strategy is set in the best financial interest of our members.
National Pension Tracing Day
31 October 2021 sees the launch of National Pension Tracing Day. The clocks go back, so you have an extra hour to start tracing any lost pensions.
FCA releases updated consumer transfer videos
Defined Benefit (DB) members who have left pensionable service and have deferred benefits in a DB scheme may, subject to certain legislative requirements, transfer the value of their DB benefits to a Defined Contribution (DC) pension arrangement.
Keeping your Expression of Wish form up to date
What is it, do I need one, how do I make an Expression of Wish and can I change it?
Deferred member address verification exercise
It is important that the Trustee(s) of the BAE Systems pension schemes hold up to date address details for all their members. The Trustee(s) have appointed the services of the XPS Pensions Group to carry out an address verification exercise for all deferred members.
Tax relief on Additional Voluntary Contribution lump sum payments
You are able to pay a lump sum Additional Voluntary Contribution (AVC) via payroll where tax relief is automatically applied, or you can pay a lump sum AVC by direct bank transfer but it will then be your responsibility to reclaim the tax relief via a Self-Assessment tax return or by contacting HM Revenue & Customs (HMRC).
Pension scams
A new Pension Guide has been added to help you spot a scam and give you advice on what to do if you are contacted.
2021/22 budget changes affecting pensions
In the budget given on 3 March 2021, two announcements affected pensions, namely the Lifetime Allowance and the State Pension.
Changing your pension level – For members of the BAE Systems Pension Scheme - Level 125, 167, 187 or 200 Benefits, Alvis Benefits and SIPS Benefits
The Scheme is flexible and allows you to change the basis upon which your pension builds up each year.