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Points of interest

A new normal minimum pension age (NMPA)

From 6 April 2028 the Government plans to increase the NMPA from age 55 to age 57.

The NMPA is the earliest that, for most people, you can start accessing your pension savings without incurring significant tax charges. Different rules may apply for certain occupations (e.g. fireman) or if you are retiring due to ill-health.

Trustee podcast

We will be introducing a new 'Trustee podcast' facility to our website later this year.

Here you will be able to listen to a series of interviews with various members of the Trustee Board.

You will be able to access this from the website at www.hprbp.com/library. We will let you know when the first podcast is live.

Budget update - Limits on pension savings

There was only one change to the limits on pension savings in the March 2021 Budget Statement. This change was to freeze the Lifetime Allowance (LTA) at its current level (£1,073,100) until the end of the 2025/26 tax year. Before this change the LTA increased automatically each year in line with the increase in the Consumer Prices Index.

What are ethical investments?

Ethical investing is one of a number of terms used to identify sustainable approaches to investing. Others include Environmental, Social and Governance (ESG), Sustainable Investing and Impact Investing.

This type of investing aims to exclude profiting from activities that are considered harmful to society and the environment (e.g. weapons or gambling). Instead people, countries and pension schemes are now leaning towards investing in organisations, companies and projects that are committed to operating in a way that is sustainable for the future.

The Trustee is currently considering how best to further incorporate the principles of ESG within the Plan’s investment strategy. Look out for the Trustee Podcast with Gill Manning, Trustee Director and Chair of the Trustee Investment Sub-Committee, later this year.

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