News
2024
Pension updates from the Autumn Statement - As you are likely aware, Chancellor Jeremy Hunt delivered the Autumn Statement on 22 November 2023, in which he outlined key economic commitments for the Government. We recap some of the measures in the announcement that could affect your retirement planning. Triple lock and Lifetime Allowance removal confirmed The State Pension is increased each year […]
2023
Pension Increases for 2022-2023 - Pensioner members should have received a letter confirming that pensions have risen this year in line with last September’s CPI of 10.1%. For some members, there was an issue with the formatting of the letter, and Buck apologise for any confusion or inconvenience caused by this. New letters have been issued to all affected members […]
Response to McCloud - A ruling by the Court of Appeal in 2018 (referred to as the McCloud judgement) identified inequality within some public service pension schemes due to age-related transitional protection that was given to some members following the pension scheme reforms in 2015. In response IPSA is making some changes.
McCloud Financial Education Seminar – Date to be confirmed - Origen, a firm of financial advisers who host tax seminars for the PCPF, will be hosting a seminar to provide an overview of your choices as part of the PCPF’s Response to McCloud, including the factors you may wish to consider in making your decision.
What does the Spring Budget mean for your pension? - On Wednesday 15th March, Chancellor Jeremy Hunt delivered his Spring Budget, which included the biggest shake-up in the taxation of pensions for over a decade. The Lifetime Allowance is being abolished altogether and the Annual Allowance is being increased by 50%. In simple terms, these changes will enable people to save more before they get […]
2022
Tax seminars and member surgeries for active members - Every year the PCPF offer tax seminars and member surgeries for active members (those still serving as MPs or Ministers). Tax Seminars The next tax seminar will be held virtually on 4th May 2022, with a second tax seminar currently planned for 2nd November 2022 and will be held in person. Member Surgeries The next […]
2021
Pension Scams - The Trustees are committed to remaining vigilant against pension scams, and ensuring Members are aware of the risks these pose to the safety of their pensions. Please click here for more information about how the Trustees and the Scheme’s administrators are working to remain scam aware.
UK Stewardship Code - The Trustees are proud that one of the biggest successes for the Fund in the Responsible Investment area, was to be accepted as a signatory to the new UK Stewardship Code. The new Code came into effect from 1 January 2020, setting high stewardship standards for asset owners and managers. The PCPF received excellent feedback […]
2020
Tax allowance changes - Changes to both the Annual Allowance and Lifetime Allowance came into effect in April 2020. Annual Allowance The Annual Allowance is the amount you can save each tax year, across all of your pension arrangements, before tax is charged. For most savers this is £40,000 but from April 2016 the Government introduced the ‘Tapered Annual […]
2019
New name unveiled for Single Financial Guidance Body - The SFGB was introduced at the start of 2019 as the new organisation replacing The Pensions Advisory Service, the Money Advice Service and Pension Wise. From April, the SFGB will be known as the Money and Pensions Service. The aim of the Money and Pensions Service is to provide free and impartial guidance around pensions […]