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...
You may have heard the term ‘Liability Driven Investments (LDI)’ in the press recently and be wondering how it affects this Plan and your pension. We thought it would be useful to explain a little about what LDI is and why the Plan uses it as part of its investment... Read more...
Did you know that if you are suffering from serious ill-health, you may be able to take all of your benefits in the Plan as a single lump sum? This is known as a ‘serious ill-health lump sum’ (“SIHLS”) and may be available if a registered medical practitioner has confirmed... Read more...
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...
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...
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...
The Trustee Board of the pension Plan is made up of eight Trustee Directors, who are ultimately responsible for ensuring that the correct benefits are paid to its members. Legislation requires that at least a third of the Board be made up of members of the Plan, and should be... Read more...
Following Russia’s invasion of Ukraine and the subsequent imposition of a series of economic sanctions on key Russian nationals and banks, the HP Plan Trustee is keeping a close eye on the rapidly evolving situation. The Trustee regularly considers risks to the Plan as part of its ongoing governance duties... Read more...
Andrew Dodd retired as a Trustee Director at the end of October, after serving 23 years on the trustee board. We took this opportunity to ask Andrew how he feels the role has changed since he first became a trustee and to find out his plans for the future.Q: How... Read more...
Scammers are targeting pension pots of all sizes – make sure you know how to spot the signs Pension scammers are targeting people like you with the average victim losing £91,000 each. Scams are hard to spot and are often disguised with credible websites, testimonials and materials which make them... Read more...