Skip to content Menu

Noticeboard

XPS letter requesting verification of personal details

You may have recently received a letter from XPS on behalf of the Trustees asking you to confirm certain personal details held on your pension record by visiting their website at www.

Read more

Spring Budget March 2023 - Important changes to pensions

The Budget on 15 March 2023 announced important changes to the Lifetime Allowance (LTA) and the Annual Allowance (AA) from 6 April 2023.

Read more

Stay scam smart

Scams can be hard to spot and are often disguised with credible websites, recommendations and professional looking documents.

Read more

XPS letter requesting verification of personal details

You may have recently received a letter from XPS on behalf of the Trustees asking you to confirm certain personal details held on your pension record by visiting their website at www.XPSverification.com

THIS IS NOT A SCAM.

The Trustees have been reviewing the information held for Plan members and have asked XPS to check that the details held on members' records are correct so that they can pay benefits promptly and accurately and run the Plan efficiently.

Your assistance in confirming your details would be much appreciated and page 2 of the letter sets out how to do this.

If you have any questions or concerns, please contact XPS quoting the reference number at the top of their letter:

Tel: 0118 918 5073
Email:  Compass@XPSgroup.com

Thank you.


Spring Budget March 2023 - Important changes to pensions

The Budget on 15 March 2023 announced important changes to the Lifetime Allowance (LTA) and the Annual Allowance (AA) from 6 April 2023.

Many of the practicalities around the changes to the LTA are still to be worked through and, as you may have heard, a Labour win in the next general election could see the LTA brought back in some shape or form.

Below is a summary of the changes.
 
The Lifetime Allowance (the total value of your pension benefits, other than any state pension, above which an additional charge applies) will effectively be abolished from the 2023/24 tax year.

The maximum tax-free lump sum (also known as the maximum pension commencement lump sum) for those without earlier protections will remain at £268,275 and remain frozen at that level.

The standard Annual Allowance (the limit on the amount of pension benefits you can build up in a tax year, above which additional tax applies) will increase from £40,000 to £60,000.

The tapered Annual Allowance will now apply to those with an ‘adjusted income’ in excess of £260,000 p.a. (increased from £240,000 p.a.).

The minimum tapered Annual Allowance will increase from £4,000 to £10,000 and, assuming it follows the current legislation, will taper down from £60,000 to £10,000 for ‘adjusted income’ between £260,000 and £360,000.

The Money Purchase Allowance (the limit on the amount of money purchase contributions you can make in a tax year, after you have “flexibly accessed” any money purchase (defined contribution) pension savings, above which additional tax applies) will increase from £4,000 to £10,000.

If you think that you might be impacted by the above and are unsure of what decisions you should make in your best interests and suited to your unique personal circumstances you should seek detailed financial advice.  You can find an FCA approved adviser at www.moneyhelper.org.uk.

Stay scam smart

Scams can be hard to spot and are often disguised with credible websites, recommendations and professional looking documents.
 
Follow these simple steps to help protect from scammers:
 
1.       Reject ‘too good to be true’ offers that come out of the blue.  Cold calling is illegal and an offer of a free pension review is almost certainly a scam.
 
2.       Check that who you are dealing with is on the FCA register at register.fca.org.uk and contact the firm directly.  Call 0800 111 6768 to check they are authorised to give pension advice and check www.fca.org.uk/scamsmart for known scams.  If you don’t use an FCA-authorised firm, you’re unlikely to be able to access compensation schemes if anything goes wrong.
 
3.       Don’t be rushed or pressured to act quickly; time-limited offers are likely to be a scam.
 
4.       Get free independent, impartial information and guidance from www.pensionsadvisoryservice.org.uk or contact an independent financial adviser; you can find one at www.moneyhelper.org.uk.
 
If you suspect a scam, report it.
Use the online reporting form on the ScamSmart site or on 0800 111 6768. 
You can also report it to Action Fraudon 0300 123 2040 or at www.actionfraud.police.uk.
 
Be ScamSmart with your pension.  To find out more, visit www.fca.org.uk/scamsmart.

Guaranteed Minimum Pension (GMP) update

Following a decision made by the High Court, you may have heard that all UK pension schemes with GMP-related benefits should equalise their GMP benefits to eliminate any gender-related differences.

The Trustees are currently following the necessary advice and guidance required to assess any potential implications for the Plan and its members as a result of this ruling. However, this is a complex task and it may be some time before any affected members are identified and their issues addressed.

We will continue to keep the Plan noticeboard updated with the latest news on this matter and any affected members will be contacted as soon as possible.

Upcoming changes to RPI

You may have heard recently that the UK Government has announced plans to make a change to the Retail Prices Index (RPI). 
 
From 2030, the UK Government and the UK Statistics Authority (UKSA) intend to adjust the calculation of RPI and align it to the Consumer Price Index (CPI). 
 
As CPI has generally been lower than RPI and some of the increases the Plan pays to certain pensions in payment are linked to RPI, this may have an impact on the level of the increases that the Plan pays to RPI linked pensions in the future.