BAE Systems 2000 Pension Plan
The BAE Systems 2000 Pension Plan (2000 Plan) is closed to new members. Existing members continue to accrue benefits. Members are those for whom a transfer payment was made from the GEC 1972 Plan with effect from 6 April 2000, following the merger in November 1999 of British Aerospace and the Marconi Electronic Systems business of GEC.
Find out more about the benefits payable from the 2000 Plan in the Plan booklet.
Contributions to the 2000 Plan can be made as 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). AVCs can be invested with the external provider, Standard Life, or paid into the Selected Benefits Scheme (SBS) within the 2000 Plan.
More information about SBS can be found in the booklet. The rate of Credited Interest is declared each year by the Trustees taking account of actuarial advice, this is subject to a minimum of 2.5%. See the attachment for details of rates declared in this and previous Plan years.
Details of the AVC funds on offer at Standard are outlined in the Investment Choices Guide. The secure site at Standard Life enables you to view key information about your AVC fund, including:
- the current value of your fund
- key dates, such as your target retirement date
- which investment funds your money is invested in
- how much has been saved into your fund and when
To access you need to register with Standard Life by calling their helpline on 0345 606 0098 (between 9am and 5pm Monday to Friday)
Also on this page are forms to help you start to pay AVCs or to change your AVC funds or target retirement age.
The 2000 Plan provides benefits if you die so please keep your Expression of Wish Form up to date.
The Plan also allows a member to nominate one or more persons to be a Specified Dependant. A Specified Dependant can receive a pension, however, this is subject to meeting certain at both the point of nomination and also at the time the pension becomes payable, i.e. when the member dies. This is different to notification of wishes via an Expressions of Wish form. The notes provide you with more information on Specified Dependants.
If you are considering reducing your hours of work then it is important to think about the impact that this would have on your pension. Please see the document entitled 'Part-time working' in the forms and downloads section below.
The BAE Systems 2000 Pension Plan Central Pensions Committee exists to promote a better understanding of issues facing members in the pensions field. Representatives of this committee are able to support members. If you would like to discuss a matter, please refer to the Consultative Committees page for further information, or contact the Pensions Service Centre to be put in touch with a representative.