News Archive 2014
Short service refunds
The DC Retirement Plan currently provides a refund of employee contributions automatically to members with less than three months service and to members who have over three months service but less than two years’ service where they do not opt for a transfer or choose to defer their pension.
The Pension Act 2014 introduced a change, whereby, pension schemes would not be permitted to provide ...Read more >
Freedom and choice in pensions
In the 2014 Budget, the Chancellor announced that tax law would be changed to give pension scheme members with defined contribution (DC) pension savings the flexibility to take their retirement benefits as they choose, subject to paying income tax at their marginal rate. The Government consulted on the changes and published it response on 21 July 2014.
The response dealt with:
The tax ...Read more >
Pension reforms confirmed from April 2015
In a statement issued today the Chancellor of the Exchequer confirmed that the pension reforms announced in the Budget 2014 would be put in place from April 2015. The link below proivdes further detail on this.
https://www.gov.uk/government/news/pension-reforms-eight-things-you-should-knowRead more >
Contracting-out after April 2016
Consideration of the impact of the cessation of contracting out from 2016 on all of our schemes is being undertaken. Some of our schemes are contracted-out of the State Scheme and others, although contracted-in, have benefits linked to, or referenced to, the current state pension. From 2016 the State Second Pension will be replaced by a Single-Tier flat rate pension.
Please note benefits accrued ...Read more >
News for in-service members of the BAE Systems Pension Scheme
In the recent Journey Newsletter we said that the benefit statements would be sent out in September. As these are being sent out in batches over the course of September and early October this may result in some members receiving statements at a different date to others. The final batch of statements will be issued in October. Could we please ask you not to contact the Pensions Service Centre&...Read more >
Alvis level change deadline is 14 February 2014
Alvis members have an annual opportunity to change their contribution rate between 7.29% and 9.29% pension accrual level between 80ths and 60ths. A form to make this change can be downloaded from the Alvis section of this website.
To change your accrual level from 6 April 2014, forms must be received by Payroll Portsmouth no later than 14 February 2014, with a copy sent to the...Read more >
DC Retirement Plan Contribution change deadline 2014
Members of the DC Retirement Plan have an annual opportunity to choose to start to pay, to stop or to change the level of their Matching Contributions by 1% and 2%.
Core contributions are 4% of Basic Salary but if you decide to pay an additional 1% or 2%, then the Company will match this. This page provides you with more information.
We want to remind you about this...Read more >
Level change deadline is 14 February 2014
Members of Levels 125, 167, 187 and 200 of the BAE Systems Pension Scheme have an annual opportunity to choose a level of pension provision that suits their changing circumstances.
The flexible terms of the Scheme allow you to change your Base Pension Level between Levels 125, 167, 187 or 200 and therefore the rate of member contribution you make towards your pension between 7.29%, 9.29%, 11.29% ...Read more >
In the 2014 Budget the Chancellor announced the “most far-reaching reform to the taxation of pensions since the regime was introduced in 1921”. Designed to give Defined Contribution (DC) scheme members full flexibility and choice. The Government finished its consultation period on 11 June 2014 and we now await confirmation of the final changes and how they might impact our schemes...Read more >
Short service refunds to end in October 2015
We previously informed you of a change to the legislation affecting short service refunds whereby the Pensions Act 2014 introduced a change that pension schemes would not be permitted to provide a refund of contributions to individuals who leave a money purchase occupational scheme such as ours, after 30 days.
At the time we did not know when this would become effective however in a rec...Read more >
Autumn Statement 2014: What the Chancellor said about Pensions
Chancellor, George Osborne delivered his Autumn Statement to Parliament on 3 December. Its purpose is to give an update on the government’s economic plans based on information about public finances from the Office for Budget Responsibility (OBR). The main thrust of the Statement covers the state of the economy, public borrowing, the deficit and taxation plans but for those with an interest i...Read more >