News

2018

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 […]
A quiet Budget for pensions - The Autumn Budget 2017 included little on the subject of pensions. However, you should be aware of a few developments. The Chancellor of the Exchequer, Philip Hammond, delivered the first Budgetof the new government on 22 November 2017. There were no other significant pension-related announcements. However, the Budget did confirm that:   The basic State Pension will […]
Money Purchase Annual Allowance reduction - The reduction to the Money Purchase Annual Allowance (announced in the Spring Budget) has recently been brought into law.  As a result, the Money Purchase Annual Allowance is now £4,000, effective from 6 April 2017. What is the MPAA?The MPAA is the amount you can save each year before tax into a money purchase (or ‘defined contribution’) […]
Charge on overseas pension transfers - A new overseas transfer charge was announced in the Spring Budget 2017 and became effective on 9 March 2017. It applies to transfers to QROPS (a pension scheme based outside of the UK, but which is similar to a UK registered pension scheme) which were instructed to go ahead on or after 9 March 2017. […]

2017

Annual accounts available online - The Scheme’s annual accounts include financial details of the PCPF, its administration and governance, and the performance of investments over the financial year.    The accounts also provide information about the Trustee Board, latest membership figures and an overview of benefit provisions for both MPs and Ministers. A copy of the accounts is available in the […]

2016

Brexit referendum update - Members’ pensions will continue to be paid as usual. On 23 June, the UK voted to leave the European Union. We do not expect any interruption to our administration of pension and investment services as a result of this outcome.  As with many things relating to the Brexit, the possible future impact on the pensions […]
PCPF annual accounts - The Scheme’s annual accounts include financial details of the PCPF, its administration and governance, and the performance of investments over the financial year.   The accounts also provide information about the Trustee Board, latest membership figures and an overview of benefit provisions for both MPs and Ministers. Accounts 2014-15A copy of the accounts is also available in […]

2015

Changes to the Lifetime Allowance - The Lifetime Allowance is the total amount of pension savings you can build up across all of your registered pension schemes during your lifetime. Any savings that exceed the Lifetime Allowance will be taxed at a higher rate. The 2015 Budget confirmed that the Lifetime Allowance will reduce from £1.25 million to £1 million from […]