Back to news 20 April 2014

Budget 2014: an update

As you may be aware, the 2014 Budget included some proposals to change 'defined contribution' pensions. As you are currently building up a 'defined benefit' pension, you may have believed that these changes would not affect you - but in fact, there are a few points you might need to consider.

The Fund's actuarial advisor, Aon Hewitt, has provided us with a leaflet, which you can view by clicking here. We believe this leaflet provides you with a clear and understandable summary to the pension proposals contained within the Budget.

Please note that normally a Cash Equivalent Transfer Value ("CETV") can be provided in around 2-3 weeks. However, it could take up to 5-6 weeks for CETV quotations involving complex benefits.