Pension Illustration Error?
Comments
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There seem to be various DB Sections
The purpose of this guide is to provide members of a BAE Systems’ UK Defined Benefit (‘DB’) pension scheme (‘the Schemes’) with an explanation of the options available to them at retirement. The BAE Systems’ UK DB pension schemes are listed below.
• BAE Systems Pension Scheme – ‘BAESPS’ - Levels 125, 167, 187 and 200 Benefits; Level 100+ Benefits; Aircrew Benefits (pre 2003 joiners); Passport Benefits; 2000 Plan Benefits; Alvis Benefits; Shipbuilding Industries Pension Scheme (SIPS) Benefits
• BAE Systems Executive Pension Scheme – ‘EPS’
• Royal Ordnance Pension Scheme – ‘ROPS’
Scheme Administration
Mercer Limited (‘Mercer’) became the pension administrator for members with BAESPS SIPS Benefits in June 2023 (replacing Capita) and all other DB members from August 2023 (replacing Equiniti). Please refer to the list of schemes above.
Indication of benefits – How do I obtain a quote?
If you are an active or deferred member (i.e. you have left the Company or opted-out of active Scheme membership and have benefits which are not in payment) and would like an indication of what your benefits will be, most members will be able to generate these quotes instantly themselves via OneView. Members were provided with details of their user ID and website passcode to enable access to OneView shortly after the time the DB scheme administration moved to Mercer.
There will be a few exceptions where OneView cannot provide self-service benefit quotes, such as members of the EPS and those with complicated benefit histories. If you are unable to generate a quote via OneView then please contact Mercer and they will be happy to assist you. If you don’t recall receiving OneView registration details or have mislaid these, please also let Mercer know. You can contact Mercer via the website at www.contactpensionsadmin.com/BAES by using the ‘Raise a Request’ facility. You can also telephone, lines are open Monday to Friday, 8am to 8pm+44 (0) 3308 187 282. The postal address if you prefer to write is: BAE Systems Pension Scheme, c/o Mercer Limited, Maclaren House, Talbot Road, Stretford, Manchester, M32 0FP.
I suppose that with a change of administrator, there may have been scope for glitches with a change over to a new computer system.
You indicate however that you have been obtaining quotes for several years - if these tallied up to just a few weeks ago with the
One View illustration, it would seem that the root of any error doesn't lie in the changeover.
With several sections within the scheme, it may well be that the NRD varies across the sections and that somehow your details
were misallocated.
Presumably next week all will be revealed.
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