Bae pension

Macklin_2

Hi,
I have been a "final salary" Bae Systems Pension member for the past 31 years while working for another company(Airbus).
I have now been recruited by Bae Systems, to commence next month. Their Ts and Cs for new starting employees is to join their own pension scheme but with a lower contribution   % rate. 
Can't seem to get a straight answer about will happen to or what I can do with my pension pot. Can I transfer it or will it be frozen? Am I going to lose out in anyway?(I am 53 years old)

Dazed_and_C0nfused

I have been a "final salary" Bae Systems Pension member for the past 31 years while working for another company(Airbus).

You don't have a pension "pot".  You have built up a pension payable for life from the schemes retirement age.  Possibly earlier if you are willing to take s reduced pension.

It is highly unlikely to be frozen, it will probably be deferred and may benefit from some inflation proofing.

Why do you think you might lose out?

xylophone

Do you mean that you  are currently a member of the BAE Systems Pension Scheme Airbus Section?

Macklin_2

Yes. I am sorry.

Macklin_2

Dazed_and_C0nfused said:

I have been a "final salary" Bae Systems Pension member for the past 31 years while working for another company(Airbus).

You don't have a pension "pot".  You have built up a pension payable for life from the schemes retirement age.  Possibly earlier if you are willing to take s reduced pension.

It is highly unlikely to be frozen, it will probably be deferred and may benefit from some inflation proofing.

Why do you think you might lose out?

Please excuse my ignorance when it comes to pensions. Lose, due to my age or being that whatever I have paid in so far will just sit there until I decide to retire. Could/Should I do something with it.

dunstonh

Lose, due to my age or being that whatever I have paid in so far will just sit there until I decide to retire. Could/Should I do something with it.

you don't have to do anything with DB schemes.  They sit there increasing each year (in real terms) until you need it.

TVAS

Why don't you order the scheme booklet and read it. I review people like you everyday, they have not bothered to try and understand the pension and with surprising frequency get ripped off by an adviser who transfers them to a non guaranteed pension because he was professional sounding. 

I can understand why you had no clue at 22 but there is no excuse at 53. 

2nd_time_buyer

TVAS said:

Why don't you order the scheme booklet and read it. I review people like you everyday, they have not bothered to try and understand the pension and with surprising frequency get ripped off by an adviser who transfers them to a non guaranteed pension because he was professional sounding. 

I can understand why you had no clue at 22 but there is no excuse at 53. 

Could that have been said a bit more politely?

xylophone

https://www.pensionsage.com/pa/Airbus-to-get-own-section-of-BAE-Systems-Pension-Scheme.php .php

Presumably you were originally employed by one of the companies that were merged into BAE Systems (formed 1999) and were allocated to the Airbus Section as above?

You may find that when you leave Airbus, your  pension becomes deferred

https://www.airbus.com/company/uk-pensions/deferred-member.html

and that you will then join the BAE DC Scheme as here


https://www.baesystems.com/en-pensions/non-members/i-am-joining-the-company


Presumably you have checked that you would not be eligible to join any other of the pension plans that exist within the BAE Scheme?

Macklin_2

TVAS said:

Why don't you order the scheme booklet and read it. I review people like you everyday, they have not bothered to try and understand the pension and with surprising frequency get ripped off by an adviser who transfers them to a non guaranteed pension because he was professional sounding. 

I can understand why you had no clue at 22 but there is no excuse at 53. 

Thanks for your time at least but giving me free advise doesn't give you a free reign to talk to me like sh*te. If I was an expert as you claim to be, I wouldn't be asking for advice now would I? I'll go elsewhere. Thanks again.