Following the UK exit of the European Union (EU) on 31 January 2020, the UK and EU are in the transition period which is expected to end on 31 December 2020.
We understand that some UK banks are considering closing UK bank accounts for people living in the EU and the European Economic Area as they may no longer be able to offer their services in some countries after 31 December 2020.
We are unable to determine which (if any) UK bank accounts will be affected and therefore cannot confirm which members may be affected by this. If your UK bank account is closed, the pension payments made to you would be rejected by your bank and they would be returned to the Scheme. The Financial Conduct Authority has requested that UK banks have plans in place to ensure that affected customers are contacted in advance so that any appropriate decisions can be made, but you may wish to contact your bank in the meantime to understand your own position.
In the event that your pension payment is rejected then your Scheme administrator will liaise with you to discuss and arrange how the payment can be re-sent to you. Please let us know as soon as possible if you need to change your bank account details. The Contact Us section of this website provides you with the relevant contact details for your Scheme administrator.
It is important to note that neither BAE Systems nor the Scheme administrators are able to provide you with any advice on this matter and we would urge you to contact your bank for further information.