News

The news feed below keeps you up to date with the latest pension updates and information.

Chairman's bulletin

The Trustee met for its quarterly meeting in late September, and as promised this is a brief report on what was a very important meeting.

The first thing we considered was how the ability of the LR Group (LRG) to support the LRSFA will change following the acquisition of Ocean Technologies Group. We are advised by EY and in essence their view was that despite the improving performance of LRG the proposed acquisition would reduce LRG's ability to support the pension fund. This was owing to the way the financial structure of the deal reduced the available resources to support the LRSFA.

The Trustee then considered the best way to maintain the security for the members over the long term. It concluded that to enter a buy-in contract with a life insurance company would be the best solution, giving the greatest security for members. This has subsequently been arranged and members informed by letter.

We then approved both the Annual Actuarial Report and the Trustee's audited Report and Accounts both made up to 31st March 2024.

We received the normal quarterly report on the administration of the LRSFA, and updates on progress toward solving the GMPs.

Finally, we received reports on the recent changes to the investment of the DC investments.

With best wishes

Nicholas Godden

State Pension increase

In April 2024, the government announced that the State Pension would increase by 8.5% due to the continuation of the “triple lock”.

This means the State Pension rises each year by inflation, average earnings or 2.5%, whichever is highest. To find out more about the State Pension and check your expected State Pension age, visit the government’s website.

You may also have other benefits available to you. According to Age UK, up to £2.2bn of Pension Credit and Housing Benefit goes unclaimed by older people each year. If you think you could be missing out, use the Age UK benefits calculator.

The rising cost of living

Data from the Office for National Statistics show that UK households are being hit by the steepest annual rise in inflation since the early 1980s. The soaring cost of gas, electricity, groceries and petrol, means that living standards are being squeezed from every direction.

If you're struggling, visit Money Helper or call 0800 138 7777 to speak to an adviser. Trained staff can give you advice about how to keep on top of your finances and how to make the most of your income.

Scams rise as cost of living bites

Scammers are capitalising on the cost-of-living crisis by contacting people speculatively with offers of rebates, grants and support payments. Local councils, government departments, or energy providers will not call, text or email you to let you know about them. They will never ask you to provide sensitive or personal identifying information.

To receive further information about scams, follow guidance from Citizens Advice.