News

The Trustees of the BAE Systems Pension Scheme and BAE Systems Executive Pension Scheme (“the Trustees” of “the Schemes”) have entered into an agreement with Goldman Sachs Asset Management to manage their combined assets of £23bn.

This article relates to an issue regarding respective BAE Systems’ UK Defined Benefit pension schemes that were previously administered by Equiniti and information that pensioner members may have received recently about a change of tax code. It also touches on the way pensioners should expect to see their tax records appear on Government Gateway.

As highlighted in the Selected Benefits Scheme (SBS) Member Guide, the BAE Systems Pension Scheme Trustee is required to consider whether, at any particular time, a Market Value Adjustment (MVA) should be levied against AVC values to maintain parity between Active SBS members and SBS Leavers and, if so, the circumstances when this MVA should be applied.

In March, Capita experienced a cyber incident targeting some of its computer servers. Up until 31 May 2023, Capita provided administrative services for members of the BAE Systems Pension Scheme with Shipbuilding Industries Pension Scheme (SIPS) benefits.

Important information for (i) BAE Systems Pension Scheme Level 100+ Retirement Account and Additional Voluntary Contribution (AVC) members and (ii) BAE Systems Executive Pension Scheme Retirement Account members investing in the Standard Life Property Fund

This attached note is being provided to assist Scheme members who may be wondering how the recent market volatility may impact the way in which they intend using their DC / AVC pot at the point of retirement. The points which follow are designed as a prompt to members to review decisions which are about to be taken or which may have already been taken but not yet implemented.

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.

The Scheme is flexible and allows you to change the basis upon which your pension builds up each year.

Do you want to boost your pension savings before the end of the tax year 2022/23?

Important information for (i) BAE Systems Pension Scheme Level 100+ Retirement Account and Additional Voluntary Contribution (AVC) members and (ii) BAE Systems Executive Pension Scheme Retirement Account members investing in the Standard Life Property Fund

In 2015, an international treaty on climate change known as the Paris Agreement was signed by 196 countries. The long-term goal of the Agreement is to limit temperature increases to well below 2°C – ideally below 1.5°C.

You may have seen reports of turmoil in the markets, particularly in the UK gilt market, since the mini budget of Friday 23 September 2022.

You may have read about the recent turmoil in the markets, particularly the UK gilt market, since the mini budget of Friday 23 September 2022.

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.

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.