News Archive 2016
News for in-service members of the BAE Systems 2000 Pension Plan
Benefit statements are being sent out in batches through September to November and this may result in some members receiving statements at a different date to others. Could we please ask you not to contact the Pensions Service Centre to chase your statement unless you have not received your statement by the end of November.Read more >
Pension Scams: Don't be next
Thousands of people have lost their life savings after falling for a pension scam. A recent survey from Portus Consulting estimates that there are over 1600 suspicious companies or schemes involved in UK pension scams, and between April and August 2015 they stole more than £9 million from savers.
Scammers use a variety of methods to get their hands on people's savings. Often they will entic...Read more >
AA and LTA changes from 6 April 2016
From 6 April 2016, there are changes to both the Annual Allowance and Lifetime Allowance.
The Annual Allowance is the amount by which the value of an individual’s pension benefits can increase each year without incurring a tax liability. For people earning more than £150,000, the Annual Allowance will be earnings-related and will reduce by £1 for every additional £2 ...Read more >
UK Government changes to State Pensions April 2016
You are probably already aware that the UK Government wants to simplify State Pensions.
In April 2016, it will combine the two State Pensions (the Basic State Pension and the State Second Pension) into one.
At the moment members of some BAE Systems pension schemes pay less in National Insurance, because they don't earn the State Second Pension. This is called "contracting-out".
Contracting-ou...Read more >
Lump Sum AVC 2015/2016
The form that you need to complete in order to make a Lump Sum Additional Voluntary Contribution ('AVC') from your March salary or bonus is now available. You can download the form, entitled "Lump Sum AVC 2015/16", from the forms and downloads section of your Scheme/ Plan webpage.
You should carefully read the announcement accompanying the form before making any decisions on whether to make a lum...Read more >