Reforms in April 2016 introduced the new State Pension. Most people reaching State Pension Age this year won’t be entitled to the full amount. How much will your State Pension be?
Following the announcement of a general election, the Government is expediting the Finance (No 2) Bill before Parliament is dissolved on 3 May 2017.
After much speculation, the Treasury has announced that it would not be looking to implement ‘significant changes’ to the UK’s pension taxation system.
Under current plans the State Pension Age is due to rise to age 68 by 2046. However, an independent report suggests that it should rise to age 68 by 2039 instead.
On 26 July Ofcom set out proposals for the establishment of Openreach as a separate company owned by BT plc
From April 2015, the Government is allowing individuals with defined contribution (DC) pension savings greater flexibility at retirement which means that those people will have more options to consider when they retire. A new Government service called Pension Wise has been established to help you understand your options in relation to what you may do with your AVCs or other defined contribution plans.
If you have AVCs in the Scheme and provided you are age 50 or over you will have access to the Pension Wise service. Pension Wise offers you:
You can access this free, impartial guidance from the government:
Also see the Pension Wise website www.pensionwise.gov.uk/appoint... which includes a summary of the information you should get ready before an appointment to make it as useful as possible.
The Pension Wise service is not available to members with only defined benefit (DB) pension benefits.
We strongly recommend you access this pensions guidance and also consider taking independent financial advice to help you decide which option is most suitable for you with regards to your AVCs.
Please select from section A, B or C
For members who joined the Scheme before 1 December 1971
For members who joined the Scheme before 1 December 1971 and 31 March 1986
For members who joined the Scheme on or from 1 April 1986 but before the Scheme closed on 31 March 2001