BAE Systems Pension Scheme - Levels 125, 167, 187 and 200
This section of the BAE Systems Pension Scheme is no longer open to new members but remains open to existing members.
The Scheme is flexible, allowing existing members as at 6 April 2003 to contribute at one of four levels (levels 125, 167, 187 and 200). Members can choose to switch between levels each year.
Find out more about the benefits payable from the Scheme in the scheme booklet.
Contributions to L125, 167, 187 and 200 can be made under SMART Pensions paying your contributions in this way means that you could pay lower National Insurance Contributions.
You can also choose to pay Additional Voluntary Contributions (AVCs). There are a number of investment options and these are outlined in the AVC Guide. Also on this page are forms to help you start to pay AVCs or to change your AVC funds or target retirement age.
You can view the current value of your AVC fund by logging into your account at Standard Life. You can register for this service by calling Standard Life on 0845 271 9501 (between 9am and 5pm Monday to Friday).
A flow chart providing you with information on early retirement can also be found on this page. You may be permitted to retire at any time after the age of 55 and receive an immediate pension, subject to the Trustees’ and Company’s consent. The current policy of the Trustees and the Company is normally not to withhold consent at or after age 60.
Your pension will be reduced by an early retirement factor to account for the extra years over which your pension will be paid. The early retirement reduction factors are agreed between the Company and the Trustees on advice from the Scheme’s Actuary. They are reviewed periodically and may change from time to time. If Trustees’ and Company’s consent is given and you are aged between 55 and 60, your pension will be reduced by 4% for each year you are retiring before age 65.
If Trustee and Company consent to early retirement is not given then early retirement is not possible and you will be treated as leaving service with deferred benefits.
The Scheme provides benefits if you die so please keep your Expression of Wish Form up to date.
The BAE Systems Pension Scheme Northern and Southern Area Committees exist to promote a better understanding of issues facing members in the pensions field. Representatives of these committees are able to support members. If you would like to discuss a matter, please refer to the Consultative Committees page for further information and access to contact details of current representatives.