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Changes to pension ages
The State Pension Age (SPA) and Normal Minimum Pension Age are set to rise. Read more to find out how this could affect you: Visit gov.uk/state-pension-age to check your SPA.
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Key pensions items from the Chancellor’s autumn statement 2025
Triple lock: This remains in place so the State Pension will keep going up each year by the highest of 2.5%, inflation or earnings growth. State Pension increases will be 4.8% from April 2026. ISA reforms: From April 2027, the annual tax-free allowance in cash ISAs will be reduced from £20,000 to £12,000 for under…
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Aptia’s OneView
OneView is a digital member self-service product offering providing access to real-time scheme information, personalised member content and self-service functions. Please note that early retirement and transfer value quotations are no longer available via OneView. The Plan has now secured members’ benefits with Aviva, and therefore Aviva are now responsible for all member benefit calculations.…
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PLSA rebrands to Pensions UK & updates Retirement Living Standards
Moving forwards, the Pensions and Lifetime Savings Association (PLSA) will now be known as Pensions UK. Importantly, they have also updated their Retirement Living Standards, which help people picture what kind of lifestyle they could have in retirement. Over the past year, a substantial reduction in energy costs has seen the amount needed for the…
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Key pension items from the Chancellor’s autumn statement 2024
The key things to note about pensions and related benefits are: Triple lock: this remains in place so the State Pension will keep going up each year by the highest of 2.5%, inflation or earnings growth. State Pension increases will be 4.1% from 6 April 2025. Inheritance tax: there’s a new proposal that, from April…
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Midlife MOT
If you’re aged 45 to 65, you should visit the GOV.UK digital ‘Midlife MOT’ service. It provides free online support that allows you to assess your finances and wellbeing to prepare for a more secure retirement. You can find this at: www.yourpension.gov.uk/mid-life-mot/.
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Abolition of the lifetime allowance
The Finance Act 2024 abolished the lifetime allowance (LTA). The LTA was the amount of savings you could have at retirement from all your pension scheme benefits combined, without incurring an additional tax charge. The Government has replaced the LTA with two new tax-free lump sum allowances: These new allowances apply to all your pension…
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Updated Retirement Living Standards 2024
The Pensions and Lifetime Savings Association (PLSA) ‘Retirement Living Standards’ help savers think in a practical way about the kind of lifestyle they might lead in retirement. The PLSA have updated their standards in line with rising healthcare, food and fuel prices and the need to provide extra financial support to family. They now suggest…
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Lifetime allowance budget changes
The Chancellor’s Spring Budget delivered on 15 March 2023 brought with it some significant changes to UK pension taxation from 6 April 2023. If you are impacted by any of the changes we recommend you seek professional advice prior to taking any action. The lifetime allowance is the maximum amount of savings you can have…
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New Minimum retirement age to change
The Government is gradually increasing the State Pension age which rises to age 67 in 2028. To check when your State Pension age is, use the handy checker on the Government website at: www.gov.uk/state-pension-age. There will also be a rise in the minimum age at which you can start taking benefits from a pension scheme.…
Wolseley Group Retirement Benefits Plan