Voluntary redundancy

If you are considering a redundancy offer from British Airways, the infographics and FAQs below will help you to understand your options under NAPS and guide you on where to find information about your NAPS pension.

This page also includes a range of FAQs about leaving under redundancy.

If you have a deferred pension entitlement in NAPS, we provided your latest online yearly statement, as at 6 April 2020, at the beginning of June 2020. Simply login to Mybapension online to view your latest statement.

Your statement shows the current value of your deferred pension and, if you are under age 55, how much pension you will be able to draw from age 55 (the earliest retirement age under NAPS).

Pension modeller

You can also use the online pension modeller to view your tax-free lump sum and pension options at different retirement ages (up to age 65). Your tax-free lump sum automatically includes your AVCs, if you have a NAPS AVC account.

Your latest AVC fund balance

If you have a NAPS AVC fund, you can view your latest available AVC fund balances by clicking on the ‘Smart Additional Voluntary Contributions (SmartAVCs)’ link under ‘Your e-Forms’.

Close

BA introduced BAPP for its existing employees from 1 April 2018. Contact Aviva Life & Pensions on 0345 030 7964 or log into your BAPP account via the BA intranet for details of your BAPP account value and options.

Close

Yes, you can. From your NAPS pension, you can generally take up to 25% of the value of your total Scheme benefits on the date you start to draw them. If you also have a British Airways Pension Plan (BAPP) account with Aviva, you may also be able to take up to 25% of your account as a tax-free lump sum. The overall maximum lump sum you can take from all pension arrangements you belong to is 25% of your available lifetime allowance.

How to work out the value of your NAPS pension

The value of your NAPS pension is worked out as 20 times your annual rate of pension. So, if your NAPS pension is £6,000 a year and you do not take a tax-free lump sum when you start to receive your pension, the value of your pension is worked out as follows:

20 x £6,000 a year = £120,000

Or, if you take a tax-free lump sum, the value of your pension is worked out as 20 times your remaining yearly pension, plus the value of your lump sum:

20 x £4,200 a year = £84,000 plus your lump sum of £20,000 = £104,000

If you usually receive yearly deferred pension statements, you can login to Mybapension online to view your latest statement. You can also use the NAPS deferred pension modeller to understand your pension and tax-free lump sum options. If you have any further questions about your NAPS pension, please contact us through our online contact us form.

Close

If you meet the eligibility criteria for this option (please see question 4 below for details), you can transfer part or all of your BAPP fund to NAPS to draw it as part of your maximum NAPS tax-free lump sum. If you are eligible, we will automatically work out the maximum amount you can transfer. We will include this information in your retirement pack if you choose to draw your NAPS pension straightaway.

Close

Yes, if you leave BA, you will still be able to do this if you meet the eligibility criteria for this option.

Close

To be eligible, you must have:

  • Chosen one of the lump sum transitional options (options 1 or 2) and paid it directly into BAPP or your NAPS AVC account, and
  • Contributed to BAPP at the highest rate available to you from 1 April 2018, and
  • Draw your NAPS pension on or before 31 March 2023, and
  • At the date you draw your NAPS pension you must:
    • have reached your pre-2007 NAPS normal retirement age, or
    • have reached your current NAPS normal retirement age, or
    • have reached age 55 and have left BA employment, or
    • left British Airways employment

For example, if you leave BA when you are 53, you will be able to access the transfer when you reach 55 as long as:

  • You chose to allocate the transitional lump sum to NAPS AVC or BAPP, and
  • You contributed to the maximum contribution to BAPP available to you during the time you were employed at BA after 31 March 2018, and
  • You take your NAPS pension on or before 31 March 2023.
  • Provided you have scope within your NAPS AVC account for the transfer to occur.
Close

You can leave any remaining AVCs invested in NAPS and use them to buy pension benefits later, or you can transfer them to another pension arrangement (including to BAPP). BA Pensions does not endorse a transfer to BAPP over any other provider.

Close

You can view your pension and tax-free lump sum options at different retirement ages including NAPS AVCs if you have them. Watch our video to find out more.

Close

Can I take my pension?

You can take your NAPS benefits at any time from age 55 if you wish. If you draw your pension earlier than your normal retirement age (NRA), your pension payments will be reduced to allow for the longer payment period.

Can I draw my AVCs only first?

There is no option under NAPS to take a tax-free lump sum or draw only your AVCs separately from your NAPS pension. However, you can transfer some or all of your NAPS AVCs independently of your NAPS deferred pension to another approved pension arrangement.

Close

We have detailed information about finding regulated retirement advice on the ‘Financial advice’ page of this website, including where to find an adviser and a useful guide from the Financial Conduct Authority on ‘What to ask an adviser’. The ‘Financial advice’ page also includes details of our Pension Advice Allowance option, which allows you to use up to £500 of your NAPS AVCs towards regulated retirement advice.

Close

If you were a member of NAPS on 31 March 2018, you would have been entitled to a deferred pension entitlement in NAPS. This is due to be paid from your normal retirement age (NRA) (which is age 55 for any pension earned under Option 55, age 60 for pension earned under Plan 60 or 65 for pension earned under Plan 65). If your NAPS membership began before 31 March 2007, you would be entitled to a pension for pre-2007 service and a pension for post-2007 service. These may have different NRA's; however, they must be treated as a single pension entitlement and drawn at the same time.

When you are approaching your NRA (in NAPS, this will be the NRA that applied on the date your active membership of the Scheme ended), we will write to you with full details of your NAPS pension benefits and options about four months beforehand.

You can contact us to ask for a retirement quotation at any time. Where possible, please allow at least four months between the date of your request and the date you wish to draw your NAPS pension.

Close

If you are over age 55, you can usually draw your pension immediately. If you are under your normal retirement age (NRA), and you have registered to manage your pension online, you can use the deferred pension modeller to model your pension and lump sum options at different retirement ages.

You can contact us to ask for a retirement quotation at any time. Where possible, please allow at least four months between the date of your request and the date you wish to draw your NAPS pension.

Close

No. NAPS closed to future build up after 31 March 2018. You will be able to pay a redundancy payment into your BAPP or SIPP pension. Contact Aviva Life & Pensions on 0345 030 7964 for further information.

Close

If you are considering retiring within the next four months, please contact us to request a retirement pack. Please bear in mind that our response times are likely to be longer than usual during the Coronavirus outbreak. If you are under your normal retirement age (NRA) and you have registered to manage your pension online, you can use the deferred pension modeller to model your pension and lump sum options at different retirement ages.

Close

No. The Scheme does not currently include flexible retirement options. If you have NAPS AVCs, you can choose to transfer them independently of your NAPS deferred pension. You can choose to transfer just your AVCs out of the Scheme, or you may choose to transfer your main Scheme pension out as well. Before transferring benefits out of the Scheme, you should get free guidance from Pension Wise (www.pensionwise.gov.uk) to make sure any new arrangements meet your needs and that you fully understand how this will affect any tax you have to pay.

Close

A pension transfer from a defined benefit (DB) pension scheme such as NAPS means giving up your benefits in the Scheme (and any dependants’ benefits you have paid towards) in return for a cash value which is invested in another pension scheme of your choice. At any time before you start to draw your pension, you can ask us to transfer the value of your benefits to another registered pension arrangement. This value of your benefits is called a ‘cash equivalent transfer value’ or CETV. We usually include an up-to-date assessment of your CETV in your retirement pack. Before any transfer can go ahead, you will have to show that you have taken financial advice from an FCA-regulated financial adviser if the amount of your NAPS CETV is £30,000 or more.

Close

You can take a partial transfer out of your NAPS pension and leave the rest within the Scheme if you have a deferred pension entitlement which was built up over two or more specified periods.

NAPS pensions are generally made up of three main portions, built up over the following periods:

  1. Pension earned before April 1997*
  2. Pension earned between April 1997 and April 2007
  3. Pension earned after April 2007

A NAPS member who has a deferred pension which was built up during two or more of these periods has one opportunity to make a partial transfer out before drawing or transferring out their remaining Scheme benefits at a later date.

* In all cases, any pension earned before April 1997 must be included in a partial transfer out.

Before any transfer can go ahead, you will have to show that you have taken financial advice from an FCA-regulated financial adviser if the amount of your NAPS CETV is £30,000 or more.

Visit our Partial transfers page for more information about this option.

Close

If you will be over age 55 when you leave BA, we will automatically send you a retirement pack as soon as we are notified of your leaving date by BA. Your retirement pack will include a guaranteed CETV.

If you will be under age 55, please use the online ‘Contact us’ form to request a CETV quotation. Due to the ongoing COVID-19 situation our workload is higher than usual, and we are producing CETV quotations in chronological order. Our response time for these is currently eight weeks.

Close
 
FEEDBACK

Was this page useful?