Aircrew Scheme

The Aircrew Scheme is a defined benefit scheme. The benefits payable by your scheme are guaranteed by the Crown.

Each year the Board’s Actuary carries out a review of the scheme to determine an employer contribution rate sufficient to meet the accrued and future liabilities of the scheme. Following the actuarial review completed as at 31 March 2023, effective from 1 July 2024, the employer contribution rate was amended from 390% to 340% of contributor’s contributions, with a separate annual contribution towards the scheme’s expenses of $220,220 inclusive of 39% ESCT by the employer.

Effective from 1 April 2025, based on actuarial review completed as at 31 March 2024, the employer contribution rate will increase to 650% of contributor’s contributions, with a separate annual contribution towards the scheme’s expenses of $236,002 inclusive of 39% ESCT by the employer.

The investment return (after tax and expenses) earned by the scheme for the year ended 31 March 2024 was 6.54% (2023: -1.55%).

How your money is invested

The scheme's asset allocation strategy is set by the Board and reviewed regularly.  The asset allocation for the scheme was reviewed during the year and the scheme's assets were all reallocated to cash.  The pie charts show the scheme’s asset allocation strategy as at 31 March 2023 and 31 March 2024.