Since 2006, pension savings have been subject to a Lifetime Allowance (LTA), which places a limit on the overall value you can build up across all your pensions before having to pay additional tax. For the 2022/23 tax year, the LTA stood at £1,073,000.
Pensions in payment are increased each April according to the Plan’s rules, so we wanted to let our pensioners know that this year’s increase will be coming your way soon.
As we start another new year, you may find this a good time to do some financial planning. It’s important to think about the potential challenges and opportunities that you could face in achieving financial wellbeing, with a broader perspective on the current economic conditions. Figuring out how your Plan pension fits in with that bigger picture could be a helpful first step.
On 22 November 2023, Chancellor Jeremy Hunt delivered his Autumn Statement, setting out the Government’s key commitments and objectives for the UK economy. The announcement contained some measures that could affect your pension planning.
The latest edition of the Trustee Report providing you with latest news from the Plan and world of pensions is available to view.
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. This could make retirement planning much easier for millions, by giving a clear and consistent view of how much their combined benefits are worth and what sort of income they can expect in retirement.