Airbus UK Pension Scheme

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.

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

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.

DB - The contributions into the core scheme meet 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.For Schedule 1 or pay Additional Voluntary Contributions (AVCs) you have a range of funds in which you can invest with L&G. If you don't make a choice, then your pot will be invested in the Airbus Cash Lifestyle Profile.
DC - 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.

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.

DB - You can exchange part of your core pension for a cash sum, which is tax free.The remaining pension is then paid monthly..  If you have AVCs or Retirement Account investments you will be able to choose how to use the fund. The Pension administrators will send you a Retirement Pack as you approach retirement.
DC - There are three key options, buying an annuity, taking a flexible income or taking cash – you can take your whole pot in one go. In addition 25% of your pot to be taken tax free with the remainder taxed at your marginal rate.

More information at www.moneyadviceservice.org.uk

Whilst you continue to be paid, membership continues as normal. When unpaid leave applies, pension contributions stop, but you remain a full member of the pension scheme and continue to be covered for life assurance. 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. If you do not pay the contribution arrears you will have a break in service. If you do not return from maternity/paternity/adoption leave, you will be treated as a leaver from the date of unpaid leave.

DB - An adjustment will be made to your  pension calculation. 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. 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.
DC - All contributions are based on the basic pay received.

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.

DB You will become a deferred member, which will be calculated based on your pensionable pay and 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 L&G will remain invested until you retire. The Pension administrator will contact you automatically to inform you of your benefits and options about two months after you leave the Scheme.
DC 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.

The Pension Consultative Committee (PCC) is a body of representatives who are selected by members of the Airbus Pension Scheme to provide a fair representation for all members of the Scheme.

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