How much does it cost?
You pay a percentage of your Pensionable pay into the Pension Scheme, which is deducted automatically from your monthly or weekly salary. You get tax relief on whatever you pay into the Scheme.
Final Salary
If you are in NAPS Plan 65, you pay a standard rate of 3.75% from 1 October 2010 (rising to 5.25% from 1 October 2011) of your Pensionable pay into the Scheme. This rate only applies if you choose the standard pension build up rate. For more options see Put more into my BA pension.
If you are in NAPS Plan 60, you pay a standard rate of 7.00% from 1 October 2010 (rising to 8.5% from 1 October 2011) of your Pensionable pay into the Scheme. This rate only applies if you choose the standard pension build up rate. For more options see Put more into my BA pension.
If you are in NAPS Plan 60 plus Option 55, you pay a standard rate of 16.00% from 1 October 2010 (rising to 17.5% from 1 October 2011) of your Pensionable pay into the Scheme. This rate only applies if you choose the standard pension build up rate. For more options see Put more into my BA pension. The extra contributions enable you to have the pension you have built up to age 55 paid at age 55 without any reduction for early payment before age 60. Members cannot join Option 55 after 1 October 2010.
Flexibility in what you pay
Adult Survivor’s pension
The standard pension package includes a pension for your spouse or partner or qualifying Pensionable Dependant when you die. If you do not want this cover, you can choose to pay 1.5% less.
Build your Final Salary pension at a faster rate.
If you are in Final Salary, you can choose to build up your pension at a faster rate by paying more than the standard rate. For more options see Put more into my BA pension.
Put more on top of your BA pension.
You can top up your retirement income by making additional payments called Additional Voluntary Contributions (AVCs).
BAMPS
You can decide what you pay between:
- 2% of your Pensionable pay (usually the elements of pay that British Airways deem to be pensionable less 1.5 times the current single person's Basic State Pension) and 50% of your gross pay.
- You can change the rate from the first of a month if you give BA Pensions one full calendar month's written notice.
Put more on top of your BA pension
- You can top up your retirement income by making additional payments called Additional Voluntary Contributions (AVCs). Put more on top of my BA pension.