View Full Version : Question for BA pilots?
pitotman
24th Nov 2008, 05:29
What is your current retirement age? Is it 60 or 65........trying to clear it up.....thanks in advance!
pitotman
Flap62
24th Nov 2008, 06:35
65 but pension options allow 60
TopBunk
24th Nov 2008, 07:17
... or even 55!
The rules are that you must retire at latest by 65. You can choose to retire with a pension at any time after 50 (rising to 55 in April 2010 - government legislation), albeit that the pension you retire on will be reduced.
Separately from that, you select what you wish to pay into your pension that determines its rate of accrual, but that doesn't commit you to any particular retirement age, if that makes sense.
pitotman
24th Nov 2008, 15:39
Are you penalized for going at 60?
Regards,
pitotman
TopBunk
24th Nov 2008, 17:32
define penalised?
BA pilots who joined before 2003? are on a final salary pension scheme. In that scheme you gain a proportion of your final salary for each year of service. The proportion you get depends on your choice (ie how much you pay).
Pre 2007, you would typically get 1/52 of final 'pensionable' salary per year of service.
For post 2007 service, it is more likely to be 1/60th for post 2007 service.
For me, the changes meant I would have to work about an extra 8 months to get the same pension.
I'm sorry, but the system is very complex and not possible to give a simple answer to.