News

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

Chairman’s bulletin

I thought I’d give you a periodic update on what your Trustee Board have been doing, and this one follows a Trustee Board meeting on 18th June 2024. I appreciate that in total there are over 7000 members of the LRSFA and I hope it’s of interest to some of you.

At our meeting:

1. We were saddened to record the resignation of Dermot Cronin as a Trustee Director. He has served you for around 17 years with wisdom, objectivity and integrity and on your behalf I thank him for this service. We hope to have his replacement in place by the end of the year. The process for the selection of member nominated directors has been updated and it now enables both active members and pensioners to put themselves forward. Further details on the process will follow in due course.
2. Mary Waldner (LR Chief Financial Officer) gave the Board an update on both the current and planned performance of LR. This is important to the Trustee as we need to continuously monitor the performance of LR as they are ultimately responsible in ensuring the LRSFA is adequately supported both administratively and financially.
3. We reviewed plans to improve the offerings available in the Defined Contribution benefits, and we shall be in touch soon on this.
4. We considered ways in which we could enhance the security of the Defined Benefit obligations and reviewed the funding position.
5. We received reports from both Standard Life and XPS on the administration of the LRSFA.
6. And finally we reported on the meeting I had attended (together with LR Board Members) with three ex-trustees, who are now pensioners. Among other things, they asked for more regular communication from the Trustee. This bulletin is in response to that request.

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.