Put more into my BA pension

You can pay more to build your future pension at a faster build-up rate than the standard 1/75. The build-up rate options and the contributions you would pay for these are shown below. There are two option dates for changing the build-up rate for your future pension benefits – 1 April and 1 October. Any election to change your build-up rate must be received by 31 March to be effective from 1 April or by 30 September to be effective from 1 October.

All Staff – Plan 65
Build-up rates Slower rate Default standard rate Faster build up option Fastest build up option
1/83 1/75 1/67 1/60
Percentage of Pensionable Pay that you pay 5.25% 5.25% 7.50% 9.75%
All Staff – Plan 60
Build-up rates Slower rate Default standard rate Faster build up option Fastest build up option
1/83 1/75 1/67 1/60
Percentage of Pensionable Pay that you pay 8.50% 8.50% 10.75% 13.00%
All Staff – Plan 60 plus Option 55*
Build-up rates Slower rate Default standard rate Faster build up option Fastest build up option
1/83 1/75 1/67 1/60
Percentage of Pensionable Pay that you pay 17.50% 17.50% 19.75% 22.00%

*Option 55 is now closed to new joiners but existing Option 55 members currently have opportunities to switch off Option 55 within Plan 60 from 1 April or 1 October.

In addition to the contributions shown above, members who are under State Pension Age pay 3.1% of their Band Earnings to the Scheme unless they have chosen the 1/83 build-up rate, in which case BA covers this amount.

If you are currently under State Pension Age you can choose to build your pension at a slower rate of 1/83 for future service. With this rate you pay the same Scheme contributions that you would pay for the standard 1/75 build-up rate but BA then covers the cost of the additional employer’s National Insurance Contributions (NICs), currently 3.1% of Band Earnings, introduced following the launch of the Government’s new State Pension arrangements from April 2016.

A lower build-up rate, currently 1/130, is also available to NAPS members whose Unabated Pensionable Pay is above a qualifying level, which is currently £60,000 a year. Click here for more details of this option.

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Adult Survivor's pension

The standard pension package includes a pension for your spouse or partner or qualifying Pensionable Dependant when you die. You can choose to pay contributions of 1.5% less if you do not want this cover. You can stop paying the higher contributions towards the cover by filling in the Adult Survivor's pension opt out form or by writing to us, giving at least one calendar months' notice.

You have one opportunity at any time in the future to restart contributions towards this cover, subject to the Trustee receiving satisfactory medical evidence. You can restart the cover by filling in the Adult Survivor's pension cover opt in form or by writing to us, giving at least one calendar month's notice.

Special contribution arrangements for lower paid members

Special contribution arrangements apply for members whose earnings are below an Upper pay threshold, set at £26,995 a year on 1 October 2015. Members whose pay is below a Lower pay threshold (£23,997 on 1 October 2015) pay contributions which are 3% lower than the standard rates. Members whose pay is between the Lower pay threshold and Upper pay threshold pay contributions up to 3% lower than the standard rates. The amount by which contributions are reduced is calculated according to where the member's pay falls between the Lower and Upper pay threshold.

Changing Plans

If you are in Plan 65, your current Normal Retirement Date (NRD) is age 65. If you are under age 60, you can choose to pay higher contributions to join Plan 60 for future service. This will enable you to draw any future pension you build up at age 60, with no reduction. Once you have joined Plan 60 you cannot return to Plan 65.

 
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