Author: BMS Pension Plan
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LexisNexis and Convera – Tracing members of the BMS Pension Plan
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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…
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Guaranteed Minimum Pension (GMP)
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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…
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Key pension items from the Chancellor’s autumn statement 2024
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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:
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Latest member newsletter
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The latest member newsletter has been issued and is available to read here.
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Stay cyber safe
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To keep yourself and your data safe, we encourage you to: Read ICO’s helpful advice about data protection to find out more.
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Midlife MOT
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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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Securing the Plan’s benefits with Rothesay Life plc
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We have some very good news about the Plan. You don’t need to take any action, but we highlight some important information. Because of the Plan’s strong funding position, the Trustee has taken steps to secure the Plan’s benefits with an insurance company, Rothesay Life plc (Rothesay). We see this as an extremely positive development…
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New Minimum retirement age to change
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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
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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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Abolition of the lifetime allowance
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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…