News

This section aims to keep you up to date with information that may affect your retirement plans. You’ll find the latest updates from the Trustee about our Plan along with news stories about pensions in general.

The Lifetime Allowance has been abolished

In March 2023, the Government announced that it would be removing the Lifetime Allowance (LTA) tax charge with effect from 6 April 2023, with the plan to remove the LTA altogether from 6 April 2024. This has now happened, and some new allowances for lump sum payments have been introduced.

Update from the Spring Budget

On 6 March 2024, the Chancellor Jeremy Hunt, delivered his Spring Budget, setting out the Government’s key commitments and objectives for the UK economy.

The 2023 Trustee Report is now available to view

Your Trustee Report provides the latest news about the Plan and your pension.

Results of the recent MND process

The Member Nominated Director (MND) process is now complete and Richard Clarke and Alan Batley (formerly an Employee Nominated Trustee) have been elected for a term of five years. This closes the current MND process.

Pensions Dashboards: Good things come to those who wait

For several years now, the pensions industry has been working on the idea of pensions dashboards: online tools enabling savers to view all their pension benefits from multiple schemes in one place.

What does the Spring Budget mean for your pension?

On Wednesday 15th March, Chancellor Jeremy Hunt delivered his Spring Budget, which included the biggest shake-up in the taxation of pensions for over a decade. The Lifetime Allowance is being abolished altogether and the Annual Allowance is being increased by 50%.

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Flexibility when you retire

You now have more options available to you at retirement in terms of how you take your pension… view the video to find out more and to discuss any of this further, contact Friends Life using the details provided under the Contacts tab.

The Barber Judgment and the equal treatment of men and women

Generally speaking pension Plan’s used to have different retirement ages for Men and Women for example; 65 for men and 60 for women. This practice was challenged in the European Court of Justice in 1990 and it was ruled that Trustees must pay equal or comparable benefits to men and women from that date.

How this changed the Dun & Bradstreet Pension Plan

The Dun and Bradstreet Plan equalised normal retirement ages for men and women, before the Barber judgment, on 6 April 1988. Before this date men had a normal retirement age of 65 and women had a normal retirement age of 60.

Any person that joined the Plan after 6 April 1988 has a normal retirement age of 65 regardless of gender.

Any person that joined the Plan before 6 April 1988 has a normal retirement age of 60 for their service between 17 May 1990 to 31 March 2004; a normal retirement age of 65 for service after 31 March 2004; and a normal retirement age of 65 or 60 depending on gender for service before 17 May 1990.