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Pensioners

This part of the website is for pensioners who were members of Schedules 1, 2 or 3.  You will be able to find information on payment of pensions, tax and State benefits.

  • Once you are in receipt of a pension from the Scheme it will be paid to you every month by Willis Towers Watson.
  • Your pension will be subject to tax in the same way as earnings from employment.
  • Pensions are payable for life.  If you die in retirement before your pension has been in payment for five years, a lump sum comprised of the remaining five years' pension will be paid free of tax to your beneficaries.

We strongly advise that all pensioners complete a dependant's details form so that the Trustee is aware of anyone who may qualify for a spouse's or dependant's pension on your death.

State benefits

When you retire, as well as your pension from the Airbus UK Pension Scheme you may also receive the State Pension when you reach State Pension age.

How much will I get?

The amount you will receive will depend on the number of years you've paid National Insurance or got National Insurance Credits.  From 6 April 2016, to get the full State Pension, you need 35 years of contributions or credits.

From 6 April 2016, the State Pension is £155.65 a week.  It's usually paid into your bank account every 4 weeks.

When will it be paid?

The State Pension Age (SPA) is currently 65 for men.  The SPA for women is currently being increased from 60 to 65.  Under new legislation, the SPA for both men and women will increase to 66 by October 2020.  Further increases are also planned in the future.

You can find more detailed information on the State Pension and run a forecast of how much you'll get by using the links below.

Useful links

State pension calculator

 

Tax details

Any workplace or personal pension you get (including that from the Airbus UK Pension Scheme) will be taxable.

How much tax will I pay on my pension?

This depends on your total taxable income which includes:

  • state pension
  • any workplace or personal pension
  • any taxable State benefits you get
  • savings or investments
  • income from a job if you continue to work after you retire

If your total taxable income is more than your tax allowances you'll pay tax on some or all of your pension income.

If you do have to pay tax, Willis Towers Watson will deduct this from your pension before paying it to you, via the PAYE (Pay As You Earn) system.

 

Tax office details

HM Revenue & Customs
Pay As You Earn
PO Box 1000
Newcastle upon Tyne
NE98 1WY
Telephone: 0845 300 0627
Tax reference: 120/B7042

 

Early retirement due to ill health

We understand that this will be a distressing time, so hopefully the information on this page will be of assistance.

You may want to print this page off and give it to your partner or next-of-kin or keep it with your will.

  • Notify Willis Towers Watson on 01707 607618 so that benefits can be processed quickly.
  • If you have a spouse or partner they may qualify for a dependant's pension.  Willis Towers Watson will need to see their birth and marriage certificates (if applicable).  Proof that they are wholly or mainly dependent on you may also need to be provided, but Willis Towers Watson will write and ask for this if applicable.
  • If you leave a will, Willis Towers Watson will need to see it, together with details of your Executors.

It will be helpful if the Trustee has details of anyone who may qualify for a spouse or dependant's pension.

Please complete and return the Pensioner dependant's details form so that we know who may qualify for any benefits on your death.

UK pensions

I want to join the scheme

Investment options

Schedule 1

Schedule 2

Schedule 3

Pensioners

UK pensions contacts

Pension news

FAQ

Pension Consultative Committee

UK Retirement Plan

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