What is the Pension Quality Mark?
The Pension Quality Mark is awarded to workplace pension schemes that meet strict standards, designed to ensure employees have a well-managed, transparent and beneficial retirement plan. To receive the award, pension schemes must meet a comprehensive set of criteria, including:
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Contribution levels – Contributions must meet or exceed government minimums to provide meaningful retirement savings.
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Governance and management – Robust governance arrangements are in place, with clear oversight and management to protect members' interests.
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Investment quality – The scheme offers a diverse range of investment options, managed to provide sustainable growth with appropriate risk.
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Communication and transparency – The scheme provides clear, accessible information to members about their pension, including costs, charges and investment choices.
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Member support – The scheme delivers excellent customer service and support, to help members understand and make the most of their pension benefits.
What does this mean for you?
This award confirms that the BAE Systems Retirement Savings Plan is among the best in the UK and reinforces our ongoing commitment to the financial wellbeing of our employees.
If you are not already, we would encourage you to take advantage of the scheme and make regular contributions to help secure a comfortable retirement. You pay 4% of your salary as a Core Contribution, with BAE Systems paying 6%. You have the option to pay more, which will be matched by BAE Systems. These are referred to as Matching Contributions, which are summarised below. To help boost your pension savings further you can also pay Additional Voluntary Contributions.
| You pay | Your employer pays | Total contribution | |
| Core contribution | 4% | 6% | 10% |
| 1% Matching contribution | 5% | 7% | 12% |
| 2% Matching contribution | 6% | 8% | 14% |
| 3% Matching contribution | 7% | 9% | 16% |
Different contribution rates apply to employees who joined Digital Intelligence before May 2024.
You can see how much you’re currently paying, and what this might mean in retirement, by going to MercerMoney.com. You can also use the retirement planning tools to see how increasing your contribution could have a huge impact on the income you could receive in retirement.
You can also find more information at pensions.baesystems.com/defined-contribution. Changes to your contributions can be requested via the Employee Service Centre.
Additional employee benefits
Alongside our high-quality pension scheme, employees also benefit from Group Income Protection and Group Life Assurance. The Group Life Assurance provides financial security for your loved ones with a payout of six times your salary in the event of your death while employed. Group Income Protection supports you by providing a proportion of your income if you are unable to work due to illness or injury. These benefits are provided at no cost to you, and together help ensure peace of mind for you and your family.