Actors, components and inheritance hierarchies?

I work as a Java software developer but I’m having a bit of trouble understanding the hierarchies used in UE4. I’m doing this in BPs but I’ll pseudocode my scenario:

class BaseWeapon (extends Actor) { SkeletalMesh weaponMesh PointLight particleLight }

class MP40 (extends BaseWeapon) {//inherited variables }

In my FirstPersonCharacter I’ve got BaseWeapon as a component and I also have a BaseWeapon variable (called equippedWeapon).

Now the question is currently I want my Component BaseWeapon to be an MP40, so i’ve set the child actor class as such. When I go program the mechanics for weapon pickups, I intend to essentially change the child actor class of the Component. However, what do I do about the equippedWeapon? I basically want the child actor to be set as the equippedWeapon (child actor is an MP40 which extends BaseWeapon, the variable type of equippedWeapon), but I get the “Actor Reference is not compatible with BaseWeapon Reference”. What am missing?