Questions | Answers |
|---|---|
| Is there life assurance? | Yes, the life assurance cover depends upon which schedule you belong to. However, there are restrictions if you did not join the scheme when first eligible. |
| Will my Spouse get a pension if I die in service? | If you are a member of either schedule 1 or 3 your Spouse will receive a pension on your death in service. However, there are restrictions if you did not join the scheme when first eligible. Schedule 1 "Protection for your family on death" Schedule 3 "Protection for your family on death" If you are a member of Schedule 2 you can buy extra life assurance and you receive tax relief on the premiums. Schedule 2 "Protection for your family on death". There is no spouse's pension payable from the Airbus UK Retirement Plan |
| When can I draw my pension? | The normal retirement age is 65. However, you can ask your employer to draw the pension early, but not before age 55. If the pension is taken early the value will be reduced to take account of the longer payment period. You cannot draw your pension and carry on working for the employer. |
| How are my contributions invested? | Schedules 1, 2 and 3 The contributions you pay into the core scheme do not attract any investments. These go towards meeting the overall cost of providing the core benefits which are linked to your final pay and service. The employer pays the balance of the cost. If you are a member of Schedule 1 or you pay Additional Voluntary Contributions (AVCs) you have a range of funds in which you can invest with Legal & General. If you don't make a choice, then your pot will be invested in the Airbus Cash Lifestyle Profile. The Airbus UK Retirement Plan Your contributions are invested in a range of funds offered by the Trustee. If you don't make a choice, then your Retirement Fund will be invested in the Airbus Drawdown Lifestyle Profile. |
| What type of pension scheme do Airbus offer in the UK? | Schedules 1, 2 and 3 are based on a formula linked to your pay near the date you leave or retire from the Scheme and the length of your pensionable service in the Scheme. See the “How it Works" page Schedule 1, Schedule 2, Schedule 3 Airbus UK Retirement Plan is a defined contribution scheme. |
| What options do I get at retirement? | Schedules 1, 2 and 3 Airbus UK Retirement Plan There are three key options for people with defined contribution pension pots to consider. Each of them is governed by the current tax rules which allow 25% of your pot to be taken tax free with the remainder and any income you take from it, taxed at your marginal rate.
More detailed information on the new options can be obtained from the Money Advice Service (www.moneyadviceservice.org.uk), the Pensions Advisory Service (www.pensionsadvisoryservice.org.uk) or Pension Wise (www.pensionwise.gov.uk). If you want to take a flexible income (drawdown) you’ll need to move your money to another arrangement. |
| What happens if I go on maternity/paternity/adoption leave? | During the first period of maternity/paternity/adoption leave, whilst you continue to be paid, pension contributions and membership continues as normal. When you go onto the unpaid part of your leave your pension contributions stop, but you remain a full member of the pension scheme and you continue to be covered for life assurance etc. If you return from leave your pension deductions will recommence, and you will be given the option to pay arrears of pension contributions to make up the gap in pensionable service relating to the period of unpaid leave. If you do not wish to pay the contribution arrears you will have a break in your pensionable service.If you do not return from maternity/paternity/adoption leave, you will be treated as a leaver from the date that you went onto unpaid leave. |
| How is my pension calculated, if I change my working hours? | Schedules 1, 2 and 3 If you change your hours of work an adjustment will be made to your “core” pension calculation to make it fair. The service part of the calculation will be converted to give you a proportion of the full time equivalent service. For example, if you work half the number of hours you would be given half the amount of service. Your scheme pay used to calculate your pension is also converted to a full time rate of pay. So in the previous example, if you work half the number of hours your rate of pensionable pay would be doubled (i.e. to a full time equivalent). This method is used for each change of hours. Airbus UK Retirement Plan All contributions are based on the actual rate of pay you receive. |
| Can I transfer pension benefits into the Scheme from other pension schemes? | The Trustee does not accept transfers into the Scheme from other pension arrangements for Schedules 1, 2 or 3. Transfers from other registered pension schemes may be accepted into the Airbus UK Retirement Plan. |
| What happens if I leave employment? | Schedules 1, 2 and 3 You will automatically become entitled to a deferred pension, which will be calculated in the same way as your retirement pension, but based on your pensionable pay and pensionable service up to the date you leave. The deferred pension will be increased between your date of leaving and your retirement date. Any fund value with Legal & General will remain invested until you retire or transfer your pot to another registered pension scheme. The Pension administrator will contact you automatically to inform you of your benefits and options about two months after you leave the Scheme. Schedule 1 "Leaving the Company or the Scheme" Schedule 2 "Leaving the Company or the Scheme" Schedule 3 "Leaving the Company or the Scheme" Airbus UK Retirement Plan If you leave the Plan after one month then your Retirement Fund will remain invested until you retire or transfer your Fund to another registered pension scheme. |
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