I pay
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 5.25% of your Pensionable pay into the scheme. There are two Pensionable pays you can choose from:
- NAPS1 Pensionable pay = the pensionable elements of your basic pay reduced by 1.5 times the Current single person's Basic State Pension
- NAPS2 Pensionable pay = the pensionable elements of your basic pay reduced by 15%
For most NAPS1 and NAPS 2 flying staff pensionable pay was increased by 18.75% as part of the NAPS scheme changes introduced from 1 April 2007 and so could be higher than your basic pay.
Choose a higher Pensionable pay
If you are in NAPS Plan 60, you pay a standard rate of 8.5% of your Pensionable pay into the scheme. There are two Pensionable pays you can choose from:
- NAPS1 Pensionable pay = the pensionable elements of your basic pay reduced by 1.5 times the Current single person's Basic State Pension
- NAPS2 Pensionable pay = the pensionable elements of your basic pay reduced by 15%
For most NAPS1 and NAPS 2 flying staff pensionable pay was increased by 18.75% as part of the NAPS scheme changes introduced from 1 April 2007 and so could be higher than your basic pay.
Within NAPS Plan 60 you can also choose to pay extra contributions (a further 9% of your Pensionable pay) under Option 55 to 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.
Choose a higher Pensionable pay
Flexibility in what you pay
Spouse/partner pension
The standard pension package includes a pension for your spouse or partner 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 or slower rate by paying more than the standard rate.
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 30% 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.