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BAE Systems – Important News – Funding Update

May 23, 2020

BAE Systems Pensions News

This funding update applies for members of the following sections of the BAE Systems Pensions:

BAE Systems Pension Scheme
Alvis Pension Scheme
BAE Systems 2000 Pension Plan
Shipbuilding Industries Pension Scheme

The Airbus Section remains unaffected by this update.

BAE Pension News

In February, trustees of the BAE Pension Scheme announced positive news for its members, who have seen their scheme funding status fall into hard times in recent years. While the recent market crash has caused concern for businesses and investors globally, BAE’s promise of £1bn funding injection into their struggling pension scheme seemed uncertain.

We’re pleased to confirm that on 17th April 2020, the full £1bn payment was made and received. With this, the pension scheme, which was reported to be £1.9bn in deficit in October 2019 will certainly have a chance of recovery.

If you hold pension benefits under one of the affected pension schemes, use our FREE toolkit to research your plan. The contact details for BAE Systems can be found in our pension scheme database.

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