As you may be aware, the Scheme has entered into a number of bulk insurance contracts to match the benefits of a number of its pensioners, and one of these is with the insurance company Scottish Widows Limited (“Scottish Widows”).
On 30th October 2024, Chancellor Rachel Reeves delivered the first Budget by the new Labour Government. Here’s a breakdown of the key pension points and what they could mean for you.
Your pension app, previously known as Orion+, has had a facelift and a change of name: it’s now called Gallagher Guide.
Cyber scams in the UK are unfortunately becoming more common, and scammers’ techniques more sophisticated. This is a serious issue that can have devastating consequences for individuals’ finances, including pensions. Here are some actions you can take to avoid falling foul of scammers online.
From 6 April 2006 until 5 April 2024, pension savings were subject to a Lifetime Allowance (LTA), which placed a limit on the overall value you could 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.
On 6 March 2024, Chancellor Jeremy Hunt delivered his Spring Budget, setting out the Government’s key commitments and objectives for the UK economy.
While 2023’s Budget contained significant changes to pension taxation, there were no such announcements this year. Instead, the main takeaway for pension schemes was a push to deliver better value for savers and increase investment in the UK economy.
In August 2023, we wrote to all members about an upcoming change to the Scheme’s Trustee arrangements, which would see the trustee company, QinetiQ Pension Scheme Trustee Limited (QPSTL) replaced by a sole corporate trustee, Dalriada Trustees Limited (Dalriada). As of 1 October, the first phase of this transition has taken place.