Author: BMS Pension Plan

The latest member newsletter has been issued and is available to read here.

To keep yourself and your data safe, we encourage you to: Read ICO’s helpful advice about data protection to find out more.

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

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…

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.…

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

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…

The Pensions and Lifetime Savings Association (PLSA) ‘Retirement Living Standards’ help savers think in a practical way about the kind of lifestyle they might lead in retirement. The PLSA have updated their standards in line with rising healthcare, food and fuel prices and the need to provide extra financial support to family. They now suggest…