BAPP Pension Governors Update
You may be aware that TGU is fortunate to have a representative on the British Airways Pension Plan (BAPP) Governance Committee. Following the most recent meeting of this committee, please find to follow a brief member update.
Whilst nothing in this email is intended as financial advice, we do encourage members to take an active interest in the company pension scheme and the benefits offered.
You may be interested to learn that approximately 40% of members take advantage of the top tier company contribution rate, with approximately 40% defaulting into the scheme. Company pension contributions have been hard fought for by your trade union and are essentially deferred pay that you are entitled to.
Due to the success of the scheme and the level of participation we are pleased to report that charges have been reduced by 1 basis point going forward. For the default fund the total charge of 0.16% will be reducing to 0.15%, and the same reduction of 1 basis point will apply across all other fund choices. The period over which these are guaranteed has also been extended, until October 2024. A further 1 basis point reduction is expected late 2021.
Beneficiaries / Notice of Wishes
Recent figures show that only 13% of members have registered beneficiary details with Aviva and Select. We would encourage all members to ensure that their beneficiary details are updated, both in Select (for Death in Service Benefit) and in Aviva (for Pension). This could save unnecessary stress and anxiety should the worst happen. You can access Aviva either directly, or via the ‘Quick Links’ icon in your Select.
There will be a number of pensions presentations and roadshows taking place around the business over the next few weeks. We would encourage you to attend if possible, so here are the details:
- Wednesday 27th Nov
- Tuesday 3rd Dec
Gatwick: Lambourne, 2nd Floor – Atlantic House
The presentations will run at:
- 10.30-11.30: Back to Basics
- 12.00-13.00: Retirement options
- 14.00-15.00: Managing investments
You can book for these sessions through the learning homepage on Ascend (searching ‘BAPP’ in the learning courses search box). Alternatively, there may be places available on the day.
If you are unable to attend, then the presentations will be available as a recording online.
If you would like any further help or assistance understanding the scheme and the benefits offered, please get in touch with the TU office.