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The British Regional Airlines Group Pension Scheme

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The British Regional Airlines Group Pension Scheme

Old 20th Jun 2020, 16:20
  #1 (permalink)  
Thread Starter
Join Date: Jun 2020
Location: Wyndham
Posts: 3
The British Regional Airlines Group Pension Scheme

I am interested to share information and learn how the winding up of the pension scheme has affected other members. Why did the Trustees never try to move the scheme to the UK?

My pension is in payment, UK based, and will take a 35% hit from August. Previous member of the Loganair scheme too.
66 and retired is offline  
Old 27th Jun 2020, 12:58
  #2 (permalink)  
Join Date: Oct 2016
Location: Ayrshire
Posts: 17
A 35% hit is certainly bad news but l suspect l am going to be worse off. I don't hit 65 for a good while yet and the word from Mercer suggests to me that l am going to be well down the queue when it comes to sharing out what is left after 18 months to 2 years of 'winding up'. The BRAL final salary pension would have been the middle third of my pension provision and I am now assuming that I will not see a penny of it. Better keep working then, oh wait! All the jobs in aviation are disappearing so l won't have the luxury of working till l drop. The worst of it is that l am by no means alone in this. So many people who tried to take care with their money are having to watch it evaporate.
134brat is offline  
Old 27th Jun 2020, 17:44
  #3 (permalink)  
Join Date: Sep 2018
Location: Yorkshire
Posts: 96
I am fortunate that my BRAL pension is a relatively small part of my various 'supply' (and I remember when I joined that it was a really good scheme ...!). However as I never trusted Flybe with it, I took my pension at 60 and have been putting the equivalent amount as a top up into my current pension. I am so glad that I did so that I have already got a fair amount out of it.

To quote from an update from another of my schemes this month:
The impact of the coronavirus pandemic on the global stocks markets has resulted in the average pension fund value falling by 15.2% during this period, its worst quarterly performance on record. The hope is that these will prove to be short-term shocks, but for those planning for retirement now and looking for a retirement income immediately, they present unenviable challenges. So where now for those who are thinking about their retirement? A recent study by Aegon found that as a result of the crisis, 18% of the general population now plan to delay retirement.
That last option open to the 'general population' is not available to pilots as EASA bans them from their jobs at 65, at least a full year before having access to a state pension and for the younger pilots in future that gap will be at least two years. The worst hit is going to be the regional pilots in their late 50s losing jobs now: even if they get jobs in the next couple of years, it is likely to be on lower pay than their already way-below-industry-norms, they would have had no contributions to pension savings during their years of unemployment, then they will be banned from working two years before they can receive a state pension. The treatment of this group by the state is grossly unfair.
NoelEvans is offline  

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