BAE Systems DC Retirement Plan

Introduction

Your Defined Contribution (DC) Plan

From 1 August 2022 no further contributions will be paid into the BAE Systems DC Retirement Plan (‘the DC Plan’). This follows the decision by the Company, following a consultation with the DC Plan’s in service members, to introduce a new pension arrangement for its employees. The new pension arrangement is a Master Trust arrangement with Mercer, the MMT – BAE Systems Retirement Savings Plan (BAESRSP).

Both MBDA and RBSL have sections under the Master Trust arrangement as distinct employers with their own members. These sections, the MBDA Retirement Savings Plan (‘MBDA RSP’) and the RBSL Retirement Savings Plan (‘RBSLRSP’) remain within the broader BAE Systems Retirement Savings Plan.

In September 2022, the existing funds you have built up in the DC Plan will be transferred to your new Master Trust pension arrangement.

To allow for the smooth transfer of your Account within the DC Plan to the new Master Trust pension arrangement it will not be possible to make any changes to your investment choices or Target Retirement Age in the DC Plan after 8 July 2022. Once you have transferred to the new arrangement you will once again be able to make changes to your investment choices and Target Retirement Age. Also any requests to amend matching contributions, existing AVCs or to start new AVCs are now temporarily unavailable. New processes are being set up with your employer and details will be available shortly.

For more information on your new Master Trust pension arrangement visit:

Deferred members: www.scottishwidows.co.uk/save/baes

You should also refer to the correspondence that has been issued to you by the Company and/or the Trustee of the DC Plan.

Deferred members

You're a deferred member if you have left the DC Plan or if your contributions to your Account within the DC Plan have stopped but you've chosen to keep your benefits in the DC Plan.

Useful guides

Investment Guide for the BAE Systems DC Retirement Plan (PDF, 290KB)

Information about tax relief, limits and your pension (PDF, 391KB)

The Trustee has provided you with the following useful documents. Standard Life Assurance Limited are not responsible for the content of these documents.

Preparing for your future - Your guide to the BAE Systems DC Retirement Plan (PDF, 1.62MB)

Your Retirement Service - Getting the best deal (PDF, 170KB)

Expression of Wish form (PDF, 191KB)

Do you need help?

Contact the Equiniti Pensions Service Centre

0800 917 9568

Email: fulwood.pensions@equiniti.com

Get some guidance

Members over 50 can get free retirement guidance from the government’s Pension Wise service.

Visit Pension Wise >

The BAE Systems DC Retirement Plan has been awarded the Pension Quality Mark