I pay
You can pay more to build your future pension at a faster build-up rate than the standard 1/75. You can also pay less to build up pension at a slower rate than 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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