Information for IFAs

The information provided on this page is designed to provide financial advisers with relevant information required in conjunction with the provision of independent advice to members of the New Airways Pension Scheme (NAPS).

The information is subject to the provisions of the Scheme's Trust Deed and Rules. If there is a difference between the Trust Deed and Rules for the Scheme and the information provided on this page, the Trust Deed and Rules will prevail. The Trust Deed and Rules for the Scheme are on the Scheme documents page.

New Pension Wise guidance regulations from 1 June 2022

New regulations have come into force which are intended to increase the take-up of free pensions guidance from Pension Wise, in order to help individuals make informed decisions about their options when accessing defined benefit pensions that include Additional Voluntary Contributions (AVCs). When an individual applies to draw or transfer out their pension, we will direct them to appropriate pensions guidance available through Pension Wise.

When an individual applies to draw their Scheme pension benefits, we will:

  1. Offer to book a Pension Wise appointment for them; and
  2. Provide them with details to allow them to book an appointment themselves.

We will ask our member to complete a form to confirm that:

  1. They have received Pension Wise guidance; or
  2. The guidance does not apply to them (for example, because they have received regulated retirement advice within the previous 12 months); or
  3. They wish to opt out of receiving Pension Wise guidance.

We have published our Pension Wise Guidance pack on the Forms page of our website. The pack includes details about Pension Wise and the relevant forms to fill in when our member draws their pension benefits.

  1. The New Airways Pension Scheme (NAPS) is an occupational final salary scheme. The Scheme is a Registered Pension Scheme approved under Chapter 2 of the Finance Act 2004. The PSTR number is 00306884RH.
  2. The Scheme was contracted-out of S2P by the GMP test until April 1997 and subsequently under the Reference Scheme Test. ECON and SCON numbers are E3800146P and S2731287R.
  3. NAPS Scheme closed to the future build up on 1 April 2018.
  4. The Normal Retirement Age (NRA) for male and female members was equalised with effect from 1 December 1989 for benefits over the GMP. Some members who left before this date have differing retirement ages (the member's NRA is shown on the Benefits Summary). The Rules of the Scheme provide for equal accrual of benefits in respect of Post 17 May 1990 service except for contracting-out requirements. NAPS has not adopted unisex actuarial factors in respect of early or late retirement reductions or uplifts respectively. Unisex commutation factors were introduced from 1 October 2019.
  5. There is no money purchase underpin.
  6. The Scheme is in deficit.
  7. Further information, Scheme booklets, The Scheme's Trust Deed and Rules and Scheme valuation reports can be found on the Scheme documents page of our website,
  1. If a member left the Scheme after 31 March 2007 they would have built up a pension in respect of service up to 31 March 2007 (for which the NRA was age 55 for flying staff or age 60 for ground staff) and a pension in respect of service after 1 April 2007 in either Plan 60 (for which the NRA is age 60) or Plan 65 (for which the NRA is age 65). The member may therefore have elements of pension which have different NRAs but they are treated as a single pension entitlement and must be drawn at the same time.
  2. NAPS deferred pensions increase as a right under the Rules of the Scheme up to NRA. The increase is in line with that specified in the Government's yearly Pensions Increase (Review) Orders up to a maximum increase of 5% in any year. These Orders currently reflect the increase in the Consumer Prices Index (CPI) but the method of measurement is determined by the Secretary of State and may change from time to time.
  3. NAPS increases Guaranteed Minimum Pensions (GMPs) up to GMP Age (age 60 for women and 65 for men) in line with S148 Orders.
  4. The Government has said that it believes that GMPs built up by men and women should be treated equally. On 26 October 2018, the Trustee of the Lloyds' Banking Group pension schemes asked the Court to clarify the position for its schemes. The Court decided that the Lloyds Banking Group pension schemes should equalise GMPs for men and women but the ruling affects all pension schemes where GMPs have been built up. Further information on what impact this has on members' benefits can be found on our website:
  5. The Scheme complies with current anti-franking legislation
  1. A partial transfer option is available, subject to certain qualifying conditions. To find out more information about this option please read the "Can I take a partial transfer out" FAQ.
  2. Members have an option to transfer all or part of their AVCs independently from their main scheme pension. If a partial transfer is requested, an AVC transfer out form will also be required if AVCs are to be included with the partial transfer of main scheme benefits
  3. NAPS is not a member of the transfer club.
  4. Deferred members can request a statement of their guaranteed Cash Equivalent Transfer Value (CETV) at any time before drawing their pension. A further guaranteed CETV can be provided if the guarantee in relation to the previous CETV statement has expired. Members can usually request up to two guaranteed CETV statements in any twelve-month period.
  5. If a transfer out is to be made, all required CETV forms (transfer out packs are available to download from the forms page) must be completed and returned within the three-month guarantee period. No discretion will be allowed in respect of CETV forms returned late. Please ensure the member reads the transfer pack carefully as it contains useful links and guidance from The Pensions Regulator about transferring benefits to another pension arrangement.
  1. In the event of the member's death before the pension commences, if no Adult Survivor's pension is payable, a refund of the member's own Scheme contributions, plus interest at 3.5% a year up to the date of death, would be payable. If the member has an AVC account the value of the account at the date of death would be added to any lump sum death benefit payment.
  2. The Adult Survivor's pension shown on the Benefits Summary would be payable to the member's legal spouse or civil partner. If there is no legal spouse or civil partner at the date of death, the Trustee has a discretionary power to pay this benefit to a 'surviving dependant'. A surviving dependant is someone who is, in the opinion of the Trustee, financially dependent on the member to a substantial extent at the date of the member's death; or who, to the Trustee's satisfaction, is financially interdependent with the member and will need the extra income to sustain the same standard of living that previously depended on joint income, e.g. someone who lived in a relationship with the member that closely resembled marriage.
  3. Pensions in payment are not guaranteed to be paid for a minimum period.
  1. NAPS members can draw their pension at any time from age 55 up to a maximum age of 75.
  2. At retirement, members normally have the option of a one-off tax-free lump sum up to 25% of the value of their benefits. Lump sums are payable by exchanging pension (commutation).
  3. The Scheme does not offer a bridging pension option at retirement.
  4. We can only provide retirement quotes once members have reached age 55.
  5. We do not provide pension projections beyond NRA. Equally, we cannot provide future lump sum projections as commutation factors are regularly reviewed by the Scheme's Actuaries and may be subject to change.
  6. Any element of the member's deferred pension paid earlier than NRA will be actuarially reduced or actuarially increased if paid after NRA. The current NAPS factors are below. These factors are regularly reviewed and may change at any time.
    Male and Female factors (unisex)
    Age Factors
    (NRA 55)
    (NRA 60)
    (NRA 65)
    55 1.000 0.815 (E) 0.646 (E) 30.190
    56 1.050 (L) 0.847 (E) 0.671 (E) 29.386
    57 1.103 (L) 0.881 (E) 0.698 (E) 28.585
    58 1.160 (L) 0.918 (E) 0.726 (E) 27.785
    59 1.221 (L) 0.958 (E) 0.757 (E) 26.985
    60 1.286 (L) 1.000 0.792 (E) 26.185
    61 1.356 (L) 1.054 (L) 0.827 (E) 25.383
    62 1.431 (L) 1.112 (L) 0.865 (E) 24.579
    63 1.511 (L) 1.174 (L) 0.906 (E) 23.775
    64 1.597 (L) 1.241 (L) 0.951 (E) 22.971
    65 1.691 (L) 1.313 (L) 1.000 22.170
    66 1.791 (L) 1.391 (L) 1.059 (L) 21.373
    67 1.901 (L) 1.475 (L) 1.123 (L) 20.583
    68 2.020 (L) 1.567 (L) 1.193 (L) 19.800
    69 2.149 (L) 1.668 (L) 1.269 (L) 19.027
    70 2.292 (L) 1.778 (L) 1.352 (L) 18.263
    71 2.449 (L) 1.899 (L) 1.444 (L) 17.508
    72 2.623 (L) 2.034 (L) 1.546 (L) 16.761
    73 2.818 (L) 2.185 (L) 1.661 (L) 16.021
    74 3.039 (L) 2.355 (L) 1.790 (L) 15.288
    75 3.291 (L) 2.549 (L) 1.937 (L) 14.562

    (E) = Early retirement reduction
    (L) = Late retirement uplift


Pension increases are a right under Scheme rules and are in line with the Government's Pensions Increase (Review) Orders, subject to a maximum of 5% in any year. The increases over the last five years have been as follows:

2023 2022 2021 2020 2019
5.0% 3.1% 0.5% 1.7% 2.4%

Pension increases are applied to the whole pension inclusive of GMP liability before GMP Age (age 60 for women and 65 for men). After GMP Age the increase is only applied to the excess pension over the GMP. Post '88 GMPs are increased by legislation up to a maximum of 3% in any year after GMP Age or before GMP Age for spouse's/civil partner's benefits. Scheme increases are generally applied in April each year and apportioned in the first year according to the date of leaving. The Rules do not provide for any Discretionary Increases. There is no minimum guarantee period for payment of the pension. There is no bridging/supplementary pension provided.


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