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INVESTMENT UPDATE - CORONAVIRUS As has been widely reported in the press recently, there have been significant movements in the stock market over the past couple of weeks as a result of the global Coronavirus outbreak. The impact that this may have on your pension will depend on the type of pension you have, and how close you are ... Added on: 31/03/2020 CORONAVIRUS In line with the Government advice issued on 16th March, the administrators of the ABF Pension Scheme have closed their London office and all staff are currently working remotely. The Scheme has a comprehensive business continuity plan which has been recently tested and arrangements are already in ... Added on: 18/03/2020
Pension Scams Unfortunately, pension scams have become more of a problem over recent years with fraudsters targetting pension scheme members with promises of accessing the benefits early, guaranteed high rewards and new investment opportunities. You can find out more about how to avoid being scammed by clicking ... Added on: 30/08/2017 Would you like to be a Trustee? A number of the Scheme’s Member Nominated Trustee Directors are approaching the end of their term, so we are now seeking nominations from the membership. The deadline for nominations is 31 March 2020. Existing Member Nominated Trustee Directors are also able to re-apply for the position. Fo... Added on: 03/02/2020
2019 Summary Funding Statement now available The Summary Funding Statement for 2019 is now available to view on the website, please click here.  Added on: 01/06/2019 GMP Equalisation and Trivial Commutation Following the High Court ruling on the 26 October 2018 regarding the equalisation of contracted out benefits to reflect inequities in retirement ages between men and women, the Trustees are unable to process any trivial commutation requests for members with GMP. A trivial commutation is where ... Added on: 20/03/2019
GMP Equalisation On 26 October, the High Court in the UK ruled that Guaranteed Minimum Pensions earned in UK Pension Schemes as a result of being Contracted Out of the State Second Pension System, must be equalised to reflect inequities in retirement ages between men and women. The Company and the Trustees are curr... Added on: 01/11/2018 Equitable Life announcement The Trustees have received an announcement from Equitable Life confirming that they have entered into an agreement to transfer the Society and all its policies to Reliance Life, part of the LCCG Group. You can find the announcement and some helpful questions and answers on the Equitable Life w... Added on: 21/09/2018
Government proposes new timetable for increas... The Government has proposed a new timetable for the increase to the age at which you can start receiving your State Pension. This will affect you if you were born between 6 April 1970 and 5 April 1978. You can read more about this on the Government website by clicking here.   Added on: 30/08/2017 New online application process for HMRC prote... If you believe that your benefits may exceed the Lifetime Allowance, which reduced to £1 million on 6 April 2016, then you can apply to HMRC to protect your benefits at a higher limit. HMRC have launched a new online application process. Please click here to see the Taxation section for more i... Added on: 08/08/2016
Will you be affected by the Scottish rate of ... The Scottish Rate of Income Tax (SRIT) will be effective from April 2016. Those with addresses in Scotland will receive a new tax code that will have an ‘S’ prefix at the start. HMRC are notifying Scottish Taxpayers of their new code by letter between 2nd December and 11th December. It i... Added on: 01/12/2015 Updated 22/02/2015: Changes to AA / LTA The Annual Allowance - i.e. the amount of retirement savings in a year that can be made without being subject to a tax charge - reduced from £50,000 to £40,000 with effect from 6 April 2014 and will remain at this level for most members.  From 6 April 2015, the Annual Allowance will be reduced to... Added on: 12/03/2014
April 2015 contribution increase In January 2013, the company announced plans to make changes to the DB section of the ABF Pension Scheme. These changes were agreed to help address the rising cost of running the DB section and to help ensure the long-term sustainability of the Scheme. When we announced the changes, you had two opt... Added on: 24/03/2014

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