This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Author: BMS Pension Plan
-
Key pensions items from the Chancellor’s autumn statement 2025
By
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…
-
Reminder – Your Personal Details – Letter From The Trustee In May 2025
By
If you have not already, this is a reminder to please take the time to review the information listed in your letter, to check it is correct and fill in any blanks. If you are a member of the Plan and have not received a letter, please contact WTW at 01737 241144 or bmspensionplan@wtwco.com We…
-
Bereavement Support Payment
By
Losing a loved one is never easy, but claiming the death benefits you and your family are entitled to should be. If your partner has unfortunately passed recently, or you know someone that has lost their partner, then we strongly recommend looking into the Bereavement Support Payment. This may be available to those who were…
-
PLSA rebrands to Pensions UK & updates Retirement Living Standards
By
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…
-
Taking a lump sum at retirement – A guide for members
By
One of the options you have at retirement is to receive a tax-free cash lump sum and a reduced Plan pension. Under this option, you give up some of your Plan pension in exchange for a tax-free lump sum. Your monthly pension payments are then reduced accordingly. How is the tax-free cash lump sum calculated?…
-
Pension dashboards are on the way
By
You may have heard about this new government-backed initiative which aims to enable individuals to access their pension information online, securely and all in one place. If you are not yet taking your benefits, the dashboards could help you plan for your retirement as they can: All larger workplace pension schemes and private pension providers…
-
LexisNexis and Convera – Tracing members of the BMS Pension Plan
By
From time to time, the Trustee of the BMS Pension Plan use third-party suppliers to contact members of the Pension Plan. This may be because we have lost touch with you, if, for example, you have moved house. Alternatively, it may be because we are carrying out an audit of the addresses we hold on…
-
Guaranteed Minimum Pension (GMP)
By
Checking your GMP amount is correct We have recently gone through an exercise to compare the Plan’s records against those held by HM Revenue and Customs (“HMRC”). This exercise has been necessary due to the Government’s decision to cease “contracting-out” for all defined benefit pension arrangements with effect from 6 April 2016. The majority of…
-
Key pension items from the Chancellor’s autumn statement 2024
By
Key pension items from the Chancellor’s autumn statement 2024 The key things to note about pensions and related benefits are:
-
Latest member newsletter
By
The latest member newsletter has been issued and is available to read here.