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.
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.
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%.
Trustee statement — recent extreme market movements
You may have seen reports in the media regarding The Bank of England’s intervention to secure pension schemes and calm borrowing markets.