The BAE Systems Executive Pension Scheme – 2012 Retirement Plan ('the 2012 Plan’) is a valuable part of your employment package. All new employees who meet the eligibility criteria become members of the 2012 Plan when they start working for the Company.
The 2012 Plan provides you with a range of benefits including a Trust Based Pension provided by Standard Life Assurance Limited, to support you and your family both now and in the future. Contributions paid by you and the Company are invested in your Account within the 2012 Plan.
Hargreaves Lansdown has been appointed to provide a Retirement Service for members with Defined Contribution ('DC') and Additional Voluntary Contribution ('AVC') benefits, to help them make an informed choice about their retirement options. The service is provided on a non-advised basis. Find out more.
- The 2012 Plan gives you the flexibility to choose the options that suit your circumstances and best match your future plans
- You have the opportunity to pay in an extra 1% or 2%, with the Company also paying an additional amount
- The 2012 Plan provides for a lump sum death benefit of six times your basic salary if you die whilst you are an In Service member*
- The 2012 Plan provides partial income protection for In Service Plan members, if you meet the relevant insurer's policy terms and conditions*
- Payments to your Account within the 2012 Plan can be paid under SMART Pensions. Paying your contributions in this way means that you could pay lower National Insurance Contributions
- You can choose your target retirement age
*The Death in Service and Income Protection are not provided by Standard Life Assurance Limited. For more information on these products please contact Equiniti using the contact details below.
You choose how much you pay, where you invest and when you aim to access your Account within the 2012 Plan to suit your circumstances and future plans. It is therefore important that you take control of your pension savings by thinking about these things. To allow you to keep a close eye on your pension investments, Standard Life's online pensions services are available to all 2012 Plan members. These provide information specific to your Account within the 2012 Plan. Register for the service so you can:
- See the current value of your Account within the 2012 Plan
- Change your investment funds
- Access information regarding the funds you can invest in and the historic performance of these funds
- Use online tools to produce an estimate of the benefits you might receive at your Target Retirement Age (TRA)
- Investigate the impact of paying different levels of contributions and / or changing your TRA
- Learn about the retirement income options available to you
After your first contribution has been received, Standard Life Assurance Limited will send you a membership certificate containing your individual 2012 Plan number, which will enable you to register for online services. Once you have completed the simple registration process you will be able to manage your Account within the 2012 Plan online. If you have any problems accessing this service please call Standard Life Assurance Limited on 0345 606 0098, between 8am and 6pm Monday to Friday.
In addition to the online service there is also an Investment Guide which gives details on the basic principles of investing, the funds you can invest your money in and the charges that apply to these funds.
Pension Scheme Trustee
The BAE Systems Executive Pension Scheme Trustee is responsible for managing the 2012 Plan in line with current law and the Trust Deed and Rules, and looking after the members’ best interests. The Trustee appointed Standard Life Assurance Limited to provide administration services and support for the 2012 Plan.
Get the most from your pension
You can choose how much you pay, where you invest and when you want to start taking money from your Account within the 2012 Plan. The choices you make will affect how much money you could have at retirement.Explore your contribution options >
Continued membership of the 2012 Plan is not compulsory - you can opt out during the onboarding process or at any time thereafter. The decision to opt out is yours alone. Neither the Company nor the Plan Trustee is permitted by law to give financial advice. You may wish to take independent financial advice before making a decision. Visit unbiased.co.uk to find out how to contact your nearest independent financial adviser. If you are considering opting out, please note the following:
- You will lose the benefit of the Company paying in to your Account within the 2012 Plan
- You will lose the life assurance cover
- You will lose the partial income protection if you have to stop working because of ill-health
- You will lose the potential opportunity to reduce your National Insurance contributions (if your pension contributions are paid under SMART Pensions)
- If you change your mind, you can re-join the 2012 Plan at any time, however evidence of good health may be required to ensure certain insured benefits are not restricted
The Trustee has provided you with the following useful documents. Standard Life Assurance Limited are not responsible for the content of these documents.