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.
We’re always looking for ways to communicate better with you as a member of the QinetiQ Pension Scheme. With that in mind, we want to increase our digital communications, putting more of the information you need at your fingertips, and saving paper at the same time. Part of that has included the launch of this new website for the Scheme.
As part of our move towards digital communications, we’d like to send you emails instead of paper, when appropriate. Email is faster, safer, and better for the environment.
The last few years have seen an increase in pension scam activity, with savers being pressured into transferring their pensions into arrangements that might seem legitimate and promise a lot, but which result in people losing their money. We want you to be aware of the risks and know what to do if you are suspicious.