News

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 […]
Deadlines for CARE members - If you are a member of the PCPF CARE Section, you can purchase Added Pension to increase your overall future benefits, or pay additional contributions to the Scheme to reduce your Normal Pension Age to an earlier Effective Pension Age. You can only apply to do this in April (or within one month of joining […]
Keep your pension safe! - Pension cold-calling is now illegal. A ban came into force on 9 January 2019, and means unsolicited phone calls, texts and emails are against the law. Fraudsters use cold calling to try and steal your life savings or tempt you to invest in a high-risk scheme which is totally unsuitable for your pension. A scam usually starts […]

2018

Changes to data protection laws - As a result of changes to Data Protection regulation, the Trustees have carried out a review of the Fund’s information storage processes and policies. All members have been sent a General Data Protection Notice. Further information is available in the Data Protection Privacy Notice and Trustee Policy, which can be accessed below. Privacy Notice Trustee Policy
Tax treatment of pension benefits - The next in a series of Pension Taxation seminars will be held on 16 May 2018.  The dates for the remaining 2018 seminars are:  16 May               4 July 21 November  If you wish to attend, or for more information, please contact PensionsMP@parliament.uk Your updated ‘Members’ Tax Allowances’ guide is accessible below.  Pension tax allowances
Actuarial valuation - The Government Actuary’s report on the actuarial valuation as at 1 April 2017 has now been finalised and can be reviewed online.  View valuation report »
The 2017 Annual Review report is now available - The Annual Review provides an at-a-glance summary of the latest facts and figures for the Parliamentary Contributory Pension Fund, plus information about your options as a member of the Scheme. A hard copy report will be posted to all members, and can also be reviewed online. 2017 Annual Review
Added Pension and Effective Pension Age deadlines - If you are a member of the PCPF CARE Section, you can purchase Added Pension to increase your overall future benefits, or pay additional contributions to the Scheme to reduce your Normal Pension Age to an Effective Pension Age. You can only apply to do this in April or within one month of joining the […]
Please spare five minutes - Five minutes is all it takes to fill in a simple form which could have a big impact on your nearest and dearest. As a Scheme member, you get life assurance as part of your benefits. It means a lump-sum death benefit may be payable on your death. By spending just a few minutes filling […]