BAE Systems Pension Scheme - Level 100+
This section of the BAE Systems Pension Scheme is no longer open to new members but remains open to existing members. Employees who joined between 5 April 2003 and 31 March 2012 became members of the Level 100+ section of the Scheme.
Level 100+ provides benefits based on two elements:
- A final salary element based on your salary near to the date you leave or retire and the number of years that you contribute. For this part of your pension you pay 4% contribution and the Company pays the balance of the cost of the pension. You can find out more about the final salary element of your 100+ pension by logging into MyPension
- A Defined Contribution (DC) element called your Retirement Account. The Company pays 2% of your basic salary into your Retirement Account. You can also pay voluntary contributions to your Retirement Account
The pension payable from your Retirement Account will depend upon the contributions paid to the Retirement Account and the investment returns achieved by the funds you have selected.
There are a number of investment options for your Retirement Account and these are outlined in the Retirement Account Guide. Also on this page are forms to help you start to pay voluntary contributions or to change your fund choices or target retirement age.
You can view your Retirement Account by logging into a secure site at Standard Life which enables you to view key information about your 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
You need to register with Standard Life by calling their helpline on 0845 271 9501 (between 9am and 5pm Monday to Friday).
Contributions to the Level 100+ Scheme can be paid under SMART Pensions, paying your contributions in this way means that you could pay lower National Insurance Contributions.
The Scheme also 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.