Question for BA pilots?
Question for BA pilots?
Join Date: Dec 2000
Location: on the golf course (Covid permitting)
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... 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.
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.
Join Date: Dec 2000
Location: on the golf course (Covid permitting)
Posts: 2,131
Likes: 0
Received 0 Likes
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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.
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.
