Pensions Tax - Changes to the Annual Allowance and Lifetime Allowance

From 6 April 2024, there have been some updates to the pension tax allowances. You can read more about this in the ‘Pensions Tax’ booklet which you can find under the ‘Booklets and Forms' section here.

You may have seen in the news that Capita, who provide our administration services, have recently experienced a cyber incident. Capita informed us that they took steps to isolate and contain the issue.

Capita have worked closely with specialist advisers and forensic experts in investigating the incident. As a result of their detailed investigations, Capita have identified that files containing Dow Services Section (part of the Dow UK Pension Plan) data have been identified on an affected server from which data was exfiltrated as a result of the cyber incident.

Capita has been in regular contact with all relevant authorities, including the Information Commissioner’s Office, The Pensions Regulator, the Financial Conduct Authority and the National Cyber Security Centre.

We take the responsibility of protecting members’ personal data very seriously. We are working closely with Capita in respect of their ongoing investigations, and we will provide more information or advice as it becomes available.

Furthermore, we want to reassure you that your pension remains secure.