News
2018
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 […]
2015 Budget announcements - An overview of the 2015 Budget’s main pension proposals. Tax relief limits The 2015 Budget announced that the Lifetime Allowance (the limit on how much you can save across all of your pension schemes before retiring without being charged tax) will be reduced from £1.25m to £1m from 2016. In addition, from 2018, the Lifetime […]
Pension Wise service launches online - A guidance service called Pension Wise has been launched to help individuals with defined contribution (DC) funds understand the various choices available to them and how they work. The service is available at www.pensionwise.gov.uk. DC members are no longer be required to purchase a pension from an insurance company (known as an annuity) when they […]