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. 

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 Trustee wrote to certain members in May to explain that: we need to address a historical inequality arising from legislation, relating to some Guaranteed Minimum Pension (GMP) benefits in the Plan; and that to do sowe proposed to convert all GMPs into a different form of pension – ensuring that there was no reduction...

In this edition we talk to Gill Manning, Company Appointed Trustee and Chair of the Investment Sub-Committee, about life as a Trustee and the recently published Taskforce on Climate-related Financial Disclosures (TCFD) report. 

Each year the Trustee produces the Plan’s Annual Report and Financial Statements. You can view the full document in the Library section. Here's a summary of the key information.