Update on the Lifetime Allowance

Since 2006, pension savings have been subject to a Lifetime Allowance (LTA), which places a limit on the overall value you can build up across all your pensions before having to pay additional tax. For the 2022/23 tax year, the LTA stood at £1,073,000. In March 2023, the Government announced... Read more...

Pension updates from the Autumn Statement

On 22 November 2023, Chancellor Jeremy Hunt delivered his Autumn Statement, setting out the Government’s key commitments and objectives for the UK economy. The announcement contained some measures that could affect your pension planning.   Triple lock confirmed The State Pension is increased each year by an amount determined by... Read more...

GMP proposal: confirming our decision

The Trustee wrote to certain members in May to explain that: we need to address a historical inequality arising from legislation, relating to some Guaranteed Minimum Pension (GMP) benefits in the Plan; and that to do sowe proposed to convert all GMPs into a different form of pension – ensuring... Read more...

Listen to the third HP podcast in the series

We're pleased to launch our third HP podcast of the series. In this edition we talk to Gill Manning, Company Appointed Trustee and Chair of the Investment Sub-Committee, about life as a Trustee and the recently published Taskforce on Climate-related Financial Disclosures (TCFD) report.  Please note – at the time of... Read more...

What does the Spring Budget mean for your pension?

On Wednesday 15th March 2023, Chancellor Jeremy Hunt delivered his Spring Budget, which included the biggest shake-up in the taxation of pensions for over a decade. The Annual Allowance is being increased by 50% and there are plans to abolish the Lifetime Allowance altogether. In simple terms, these changes will enable... Read more...

Important announcement about the HP Trustee Board

The terms of office for all three Member Nominated Trustee Directors (MNTDs) ended on November 1 2022 and nominations were requested for candidates to fill these positions. The Board is delighted that Phil Lawman, Beverly Clements and Philip French all chose to re-apply for a further term and were selected... Read more...

Transfer values: what you need to knowPlan
news

We previously posted an article on the website regarding the recent news in the press about market volatility. As stated, the Trustee is closely monitoring the situation and we’d like to further reassure Pensioner members that payment of pensions will remain unaffected. If you’re yet to take your pension from... Read more...

Trustee update on market volatility

Many of you will be concerned about the current news headlines and the recent market volatility and we want to provide you with some reassurance about what this means for the Plan.  In terms of the impact of the rising bond yields and subsequent action taken by the Bank of... Read more...