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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, Aptia’s OneView is currently not able to provide a retirement quotation and cash equivalent transfer values. This is because the retirement quotation modeller’s and accompanying factors are currently being updated by the Trustees.…
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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.…
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Protect yourself from a pension scam
Stay alert to the danger of scams of all types and remember “if something sounds too good to be true it probably is!” Steps to protect yourself: Watch ‘Don’t Get Suckered In’: www.youtube.com/watch?v=TYk_X3tn9hc
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Price inflation
You may have seen the level of price inflation in the UK has reached the highest level in 40 years. How this affects your benefits depends on when you built them up and whether you have already drawn your pension. Only some of the Scheme’s benefits are linked to inflation and will increase when inflation…
Wolseley Group Retirement Benefits Plan