I've left BA
What you get on leaving will depend on your Qualifying service, which is essentially the time you have paid contributions to the Scheme, adjusted for any changes in your BA occupations prior to 31/3/07 (such as a move from Flying Staff to Ground Staff), plus any service you transferred into the Scheme.
If you previously elected to cease paying contributions and crystallise your pension on or after reaching your current Normal Retirement Age, your pension will also depend on the actuarial, late retirement increases that are applied to your crystallised pension.
If you were in NAPS and left your job with less than 2 years of Qualifying service
When you leave, you are entitled to a refund of your own contributions less tax, plus either:
- 3.5% interest per year, for Final Salary Scheme.
- the actual rate of investment return up to your date of leaving, for BAMPS.
For Final Salary members, your refund will be reduced to reinstate you into the State Second Pension (S2P) (previously known as State Earnings Related Pension Scheme - SERPS for your period of Pensionable service.
You must stop making Additional Voluntary Contributions (AVCs). Your AVC account will be refunded after we have deducted tax.
If you completed at least three months' membership of the Scheme you can choose to keep a deferred pension in the Scheme instead of taking a refund.
If you transferred rights into your Scheme from a personal pension, you are entitled to a deferred pension, even if you have less than two years' Qualifying service in total.
If you were in NAPS and left with two or more years of Qualifying service
You can leave your pension with BA or transfer it elsewhere.
- If you leave your pension with BA it is called a deferred pension. This can be paid at, or after your selected Normal Retirement Age (Plan 60 or Plan 65), or you can choose to draw it earlier (see What if I retire early?). Although you may have several elements of pension with different Normal Retirement Ages, these are treated as a single pension entitlement and must be drawn at the same time. When you draw your pension, the different elements you have earned will be appropriately adjusted to become payable from the same date. If you have a mixture of Plan 65 and Plan 60/Option 55 service your deferred pension is payable from the Normal Retirement Age of the plan you were in on the date you left BA.
- You must stop making Additional Voluntary Contributions (AVCs). If you become entitled to a deferred pension, your AVCs stay in the fund and continue to build up with investment income until your Scheme Pension becomes payable.* You can transfer the value of your BA pension to another pension Scheme approved by HM Revenue and Customs.
Your pension choices after leaving your BA pension Scheme
- Get a pension from the State Second Pension (S2P).
- Get a personal or stakeholder pension either contracted into or out of S2P. The personal or stakeholder pension would be with a provider of your choice and BA will not contribute to this (apart from the portion of BA's National Insurance contributions which the Department for Work and Pensions would pass on to your provider if it were contracted out of S2P).
To make any change, give us one calendar month's written notice.