Don’t let a scammer enjoy your retirementFind out more
Don’t let a scammer enjoy your retirement
Pension scams can be hard to spot, and we would like to remind members to continue to be vigilant. Scammers can be articulate and financially knowledgeable with credible-looking websites, testimonials and materials that are hard to distinguish from the real thing.
They make false claims to gain your trust, claiming they are authorised by the FCA or that they don’t need to be because they aren’t providing the advice themselves.
In January 2019, the government introduced a ban on cold calling about pensions. If someone contacts you out of the blue about your pension, it’s best simply to hang up. The Pensions Regulator’s advice to members is:
- reject unexpected offers
- check who you’re dealing with
- don’t be rushed or pressured
- get impartial information and advice.
You can find out more from the Financial Conduct Authority about pension scams and how to avoid them, as well as what to do if you think you’re being targeted by scammers. Or, watch this video about pension scams.
We’re checking our dataFIND OUT MORE
We’re checking our data
The Trustees will be writing to all members in the coming months to request some information. This is to ensure that the data we have is complete and accurate. The Trustees collect and use data in order to pay your benefits as they fall due, administer the fund effectively and meet certain employer and member requirements.
Spring Budget 2023FIND OUT MORE
Spring Budget 2023
The government has cancelled the Lifetime Allowance (LTA) charge with effect from 6 April 2023 and is expected to scrap the LTA completely from 6 April 2024.
The government has also increased the Annual Allowance, which is a limit on how much you can pay into a pension tax free in each tax year. You can now save up to £60,000 a year into a pension, provided you are not a very high earner (£200,000+) or someone who has accessed their benefits flexibly in the past.
In addition to the above, the government has placed a cap on the amount of tax-free cash you can take at retirement. A limit of £268,275 now applies to this lump sum. However, if you previously had some form of Lifetime Allowance protection, this may protect the value of the tax-free lump sum amount you can take at retirement.
If you have any questions, please contact Mercer.