Author: BMS Pension Plan
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Proceed with caution when Using AI
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Artificial intelligence (AI) tools are becoming increasingly popular and you may be tempted to use tools like Chat GPT or Google’s Gemini to learn more about your pension or to simplify letters you receive from the Trustees. While AI has great potential, we would caution against using AI tools for your pension and personal retirement…
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Upcoming inheritance tax changes
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From 6 April 2027, unused pension savings and some death benefits will be included in the value of your estate for Inheritance Tax purposes. The inclusion of unused pensions and some death benefits in the value of estates will mean that some will now pay an Inheritance Tax bill that previously wouldn’t have and some…
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Pensions UK has updated its Retirement Living Standards
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The Retirement Living Standards are designed to give people a realistic picture of the lifestyle they could have in retirement and the income needed to achieve it. They set out three levels of retirement living: Minimum, Moderate, and Comfortable. The updated annual income figures are: These figures reflect rising everyday costs, including food, household bills,…
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Changes to the trustee board
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We would like to share some important updates regarding the Trustee Board of the Bristol-Myers Squibb Pension Plan. It is with great sadness that we inform you of the recent passing of our Trustee Chair, Stephen Allaker. Stephen made a significant contribution to the Plan over many years, and we would like to express our…
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Changes to pension ages
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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
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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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Reminder – Your Personal Details – Letter From The Trustee In May 2025
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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…
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Bereavement Support Payment
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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…
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Taking a lump sum at retirement – A guide for members
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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?…
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Pension dashboards are on the way
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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…