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News for members of the DC Retirement Plan

Following a change to the Company's payroll administration system, the Company has experienced some pension contribution processing issues. All pension contributions up to and including March pay data have been received by Standard Life (the pension scheme Investment Manager), with investment units being purchased on the day of receipt. Unfortunately there is a time delay in the investments appear...Read more >

Pension Scams: Don't be next

Thousands of people have lost their life savings after falling for a pension scam. Scammers use a variety of methods to get their hands on people's savings. Often they will entice members of legitimate pension schemes to transfer their benefits to a new scheme by offering 'incentives' and 'loopholes' which in reality do not exist. For example, it is common for scammers to claim that they can 'unlo...Read more >

BAE Systems Pension Scheme: Contacting deferred members and Options to exchange benefits for a lump sum

The Trustees of the BAE Systems Pension Scheme are working with Xafinity, a leading pensions consultancy, to re-establish contact with deferred members. A deferred member is someone who has left employment, yet still retains a benefit entitlement in the scheme, although they have not yet put their pension into payment. Unfortunately not all members remember to notify their pen...Read more >

Important Updates on Lifetime Allowance

The Lifetime Allowance is the limit on the total value of pension benefits that an individual can build over their working life without a tax charge. From 6 April 2016, the Lifetime Allowance reduced to £1.0 million. In order to help protect those individuals who have built up or are likely to build up pension benefits in excess of the Lifetime Allowance, there are various protections availa...Read more >

BAE Systems Pension Scheme: Option to exchange 'small pensions' for a lump sum

Changes in pension legislation may now provide some members of the BAE Systems Pension Scheme with an alternative option for how they may receive their benefits from the Scheme. Working with Xafinity, a leading pensions consultancy, the Trustees have analysed the membership of the Scheme and found that a number of pensioners and deferred members may be able to consider exchanging their small (als...Read more >