Welcome to Pension Pulse

March 2023

Hit the links below for all your latest pension news and scheme updates

As we prepare to wrap up another financial year, we thought you might find the following pension information useful.  

Industry news

The 2023-2024 limit for additional pension contributions (APCs) has increased to £7,579.

The annual contribution rates for 2023 have also been announced, so make sure your employees’ contributions are under the right bandings.

Employer contribution rates will also change soon – speak to your fund for the details. 

Tier 3 ill health

If you’re looking for information on the retirement process for tier 3 ill health members, we’ve recently updated our employer web page.

Retirement process

To help you understand the retirement process, we’ve updated our guide to retirement. It now includes an outline of the process and explains your responsibilities as an employer.

Training sessions

Your essential monthly returns training is available via Teams, to help you understand processes like uploading a return and clearing errors on the new system. Don’t leave it too late to book your place

Budget changes

In case you missed the recent Budget, the Chancellor announced plans to abolish the lifetime allowance and increase the annual allowance from £40,000 to £60,000.

We’ll keep you posted on what this means for you and your members.

You said…we did!

Some of you said you have difficulty identifying an employee’s role on the UPM employer portal (especially when someone has multiple jobs).

So, we’ve added the employee’s payroll reference number on the member summary details section of the portal to help with this.

What else can we do?

If you can think of other ways you’d like us to improve, just get in touch here.

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