Contribution Rate
Your contributions are 9.29% of Contributory Pensionable Pay

SMART Pensions Arrangement
Provided you are employed by companies wholly owned by BAE Systems plc or participating joint venture companies, all contributions will be made under the SMART Pensions Arrangement, unless you choose to opt out. Full details of the SMART Pensions Arrangement can be found in the SMART Pensions section.

Income tax relief
Your contributions are deducted from your pay before tax is calculated; therefore, you automatically receive income tax relief at your highest rate. Some restrictions apply to high earners.

National Insurance
As the Scheme is contracted-out of S2P, you pay lower National Insurance contributions.

Company contributions
The rate of contributions is determined by the Trustees in consultation with the Company and with advice from the Scheme’s Actuary, who carries out regular reviews of the financial position of the Scheme. The Company pays the balance of cost needed over the members’ contributions.

How the contributions are used
Your contributions, together with those from the Company, are credited to the Scheme and invested by the Trustees. The invested funds are used to provide benefits for members in accordance with the Trust Deed and Rules of the Scheme.