What you get at retirement will mainly depend on:
- the age at which you retire
- your Retiring Pay and Pensionable Service
- your pension build-up rate
- any Additional Voluntary Contributions (AVCs) you may have saved
- any State Pension
|When you can retire|
|Normal Retirement||Normal Retirement Age is usually age 55 for Flying Staff and age 60 for Ground Staff.|
|Early Retirement||You can retire and draw a reduced pension before your Normal Retirement Age - from age 50. The government increased the minimum age for early retirement to age 55 from April 2010. However, APS members who leave British Airways and draw all their pension benefits straightaway - including any AVCs and Scheme benefits from previous BA Schemes - can continue to retire at or after age 50. This does not apply if you opt out of the pension scheme but remain in employment with British Airways.|
|Flexible Retirement||At any time from age 55 you can request Company consent to reduce your working hours and at the same time draw part or all of your pension benefits built up to date whilst continuing to earn extra pension for future service. Special rules apply to members of APS who are working beyond their NRA and have 'crystallised' their pension.|
|Ill-health Retirement||Anytime before Normal Retirement Age or age 63 if you were Ground Staff on 1 December 1989 and are still Ground Staff. Retiring on ill health grounds requires company consent.|
|Late Retirement||Anytime after Normal Retirement Age.|
|State Pension Age||
Men - Age 65 (rising to age 66 between Nov 2018 and Oct 2020)
Women - Age 60, if born before 6 April 1950.
Women - Age 65, if born after 5 April 1955 (rising to age 66 between Nov 2018 and Oct 2020) or between ages 60 and 65, depending on your date of birth, if born between 6 April 1950 and 5 April 1955.
The government has proposed to increase State Pension Age for both men and women to age 67 between 2026 and 2028 and age 68 by the mid-2030s.