With effect from 6 April 2024, there will no longer be a Lifetime Allowance (LTA) which limits the amount of tax-efficient pension savings that you can build up.
With effect from 01 November 2021, DTUK introduced a new workplace pension scheme called a Master Trust with Legal & General (L&G) for future DC contributions including Money Purchase arrangements (also known as 1% top up) and AVCs. This Plan is called the Deutsche Telekom (UK) Ltd DC Pension Plan.
The annual member Newsletter and Summary Funding Statement, our update summarising developments within the T-Mobile International UK Pension Scheme (the Scheme).
A summary of key information about your contributions and benefit statements to help you complete your tax return more easily. For active members.
This sets out how the Trustee have invested in the Schemes assets in line with the SIP during the Scheme year.
Find out how the Scheme’s been managed and any changes which have happened during the year.
Annual member newsletter summarising developments within the Scheme.
An overview of the Scheme’s funding position and the latest actuarial valuation, highlighting the changes in the position since the previous valuation.
This sets out the principles governing the Trustees decisions to invest the assets of the Scheme.
Annual member newsletter summarising developments within the Scheme.
Contact us immediately – we might be able to stop a transfer that hasn’t taken place yet.
Report it on the Action Fraud website or call 0300 132 2040.
Remember – if it sounds too good to be true, it probably is!
Find out more about staying scam smart at www.fca.org.uk/scamsmart and Steps to stay scam safe
You’re likely to receive a State Pension as well. This is a valuable benefit, to understand more about the State Pension, what you might receive and when, visit www.gov.uk/state-pension
Your State Pension is based on how many years you’ve made National Insurance contributions.
Visit moneyhelper.org to learn more.
This is the total amount you can save into your pension(s) in each tax year, without incurring a tax charge. For most people the AA is £60,000 for the tax year.
Different rules apply if you have a ‘threshold income’ of more than £200,000 or ‘adjusted income’ of more than £260,000. For information on the current AA limits please visit www.gov.uk/tax-on-your-private-pension/annual-allowance
The AA can also be reduced if you take benefits ‘flexibly’ from your Account or another pension arrangement. The reduced limit, called the MPAA, is the maximum amount you can make to pension arrangements (like the Scheme). From the 6 April 2023, it’s set at £10,000. If you think you might be affected you should consider seeking financial advice.
Irrespective of the AA, your own payments and those from the Government (tax relief) in each tax year will normally be limited to 100% of your earnings, or £3,600 (whichever is greater).
For information on the current AA limits please visit www.gov.uk/tax-on-your-private-pension/annual-allowance
HMRC require the amount of pension savings to be tested each year over a ‘pension input period’. The Trustee has previously decided that the Scheme’s pension input period should run from each 6 April to the following 5 April and has nominated 5 April in each calendar year as the last day of each pension input period. Pension savings in excess of £460,000 do not qualify for tax relief.
For more information on pension input please visit www.tax.service.gov.uk/pension-annual-allowance-calculator
If you’d like some advice about your own situation, you should consider speaking to a financial adviser. To find an independent financial adviser, authorised and regulated by the FC
The MoneyHelper brings together the support and services of three government backed financial guidance providers: the Money Advice Service, the Pensions Advisory Service and Pension Wise. You can visit MoneyHelper for free and impartial guidance about your pension. You can also use Money Helper to find a financial adviser near you.
The Pensions Ombudsman can investigate complaints related to occupational and private pension schemes. The service is free. The Pension Ombudsman generally expects members to firstly raise complaints with the party at fault to give them the chance to put things right, though the website also gives guidance on how to complain to the party at fault and provides an Early Resolution Service.
To report a death please call or email Barnett Waddingham directly.
Know how to identify, avoid and report a scam.
Let us know if something’s changed. It’s important to keep your details up to date.
You can name and update your nominated beneficiaries by logging into your online account.