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PensionBytesNews, views, and announcements from your Trustee

Articles from the year 2023

Show all Trustee Report articles
Plan news Trustee Image of GMP proposal: confirming our decision

GMP proposal: confirming our decision

19 Sep 2023
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 that there was no reduction...
Blogs & Podcasts Investment Trustee Image of Podcast 3: A conversation with Gill Manning

Podcast 3: A conversation with Gill Manning

03 Jul 2023
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. 
Plan news Funding Image of Financial highlights at 31 October 2022

Financial highlights at 31 October 2022

01 Jul 2023
Each year the Trustee produces the Plan’s Annual Report and Financial Statements. You can view the full document in the Library section. Here's a summary of the key information.
Plan news Image of Are you ready to retire?

Are you ready to retire?

01 Jul 2023
It’s important to plan early. Did you know that you may be able to start receiving your pension benefits from the Plan from age 55?
Plan news Image of Independent financial advice

Independent financial advice

01 Jul 2023
Remember, taking your benefits from the Plan is an important decision — perhaps one of the most important decisions you’ll make — so you should not only prepare as early as possible, but also you may wish to consider taking independent financial advice. 
Plan news Tax & Legislation Image of GMP Equalisation update and new benefit options

GMP Equalisation update and new benefit options

01 Jul 2023
If you’re currently receiving a pension from the Plan, you should have received a pack through the post relating to Guaranteed Minimum Pension (GMP) Equalisation.
Scams Image of Pension scams and pension rules

Pension scams and pension rules

01 Jul 2023
A pension scam is where someone is tricked by criminals into handing over their pension savings. You must look out for pension scams to protect your hard-earned pension income. Pension scams have been increasing in numbers and sophistication since the introduction of pension flexibilities in 2015.
Plan news Image of Pension increases

Pension increases

01 Jul 2023
If you’re a deferred member of the Plan, your pension may continue to increase each year in line with Trust Deeds and Rules.
Plan news Image of The rising cost of retirement

The rising cost of retirement

01 Jul 2023
Retirees trying to achieve a basic standard of living will have seen their expenditure increase over the last year due to high inflation.
Plan news Investment Image of Check your AVC investments

Check your AVC investments

01 Jul 2023
If you paid Additional Voluntary Contributions (AVCs), these are held in a separate account and can be used to provide additional benefits at retirement.
Plan news Image of Sign up for digital communications

Sign up for digital communications

01 Jul 2023
Receiving communications digitally from the Plan is safer, more dependable, and better for the environment — and we’ve made it even easier to sign up. When you subscribe, you’ll receive our regular Pension Bytes emails, which give you updates on the Plan and pension industry news.
Plan news Funding Investment Image of Use of Liability Driven Investments (LDI) and the Plan’s funding position

Use of Liability Driven Investments (LDI) and the Plan’s funding position

15 May 2023
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 strategy to manage its funding...
Plan news Image of Information on your benefits: Serious ill-health lump sums

Information on your benefits: Serious ill-health lump sums

10 May 2023
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 that you are expected to...
Plan news Funding Investment Image of 2022 Summary Funding Statement

2022 Summary Funding Statement

19 Apr 2023
We've updated the Plan's Summary Funding Statement at October 2022. Here you can read the results along with comparisons to previous years.
Tax & Legislation Image of What does the Spring Budget mean for your pension?

What does the Spring Budget mean for your pension?

17 Mar 2023
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.

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