In the October 2024 newsletter, we asked for members’ views on a new type of investment, one that would provide a suitable way for the Scheme and the members to get some exposure to the equity markets.
This was followed up by a survey of the membership to get your views on the Scheme going ahead with a modest investment in this new type of investment – a survey that resulted a substantial majority of the members wishing to take advantage of the possibility of some better returns. As a result, the Scheme invested £8million at the end of March 2025.
There is never any guarantee how these sorts of investments will perform, but the Trustees are very pleased to inform the members that, so far, these investments have performed well and, in 6 months, gained over 10% in value.
Contribution deadlines – don’t miss out
As we approach the end of the year, we would like to clarify some important deadlines for making contributions.
For many of our members it is important to make contributions before the end of the tax year, but we are aware from previous years that some who are contributing directly from a business need to do so before the end of the
calendar year.
Because of the timescales involved with collecting these contributions via Direct Debit, and because of the Bank Holidays around that time, the following timescales must be observed to avoid any disappointment or missed deadlines.
The last Direct Debit sweep where the funds will be received before 31 December 2025 will be run on 17 December 2025 – the funds will be received from the bank on 29 December 2025.
We will need a valid Direct Debit mandate and a data file upload by close of business on 16 December 2025 to meet the end of the year deadline.
If the employer does not have a valid Direct Debit mandate (or is Blocked for another reason), we would need to update our systems by 2 December 2025 at the latest to ensure that the setup process is complete before the DD sweep on 17 December 2025. To allow sufficient time for the updates to take place, we would need the new DD mandate/missing information by 25 November please.
Pensions Dashboard – a new way to view your pension information
In May this year, after a lot of preparation, BCF connected to the Pensions Dashboard. More pension schemes are connecting all the time, and, at the time of writing, details of over 40 million pension pots are accessible via the Dashboard.
The Dashboard is going through its testing phase now but when it is launched to the general public, probably some time in 2026, it will allow UK citizens to view all their pension information in one place, including their State Pension
and any personal and workplace pensions. The service is being developed to help people better understand their retirement savings, track down lost pots, and plan for their future.
The Dashboard will display all of a user’s pension information in a single, convenient location. For each pension, the dashboard will show key information such as the provider’s contact details, the pension’s value, and a projection of the retirement income it may provide.
The platform is built with strong consumer protection measures to ensure data is secure and users are in full control of their information. Identity verification will be managed through the GOV.UK One Login service.
The system uses a secure digital architecture to match a user’s identity details with records held by pension providers. If a match is found, the pension information is retrieved and displayed on the dashboard.
Good to great – improving BCF governance
As part of our commitment to world-class governance, BCF have recently set up sub-committees to cover the areas of governance, investment, audit, risk and communication.
This allows the Trustees to focus on specific areas that play to their individual strengths, and feed this into the quarterly full Board meetings, and makes the Scheme’s decision more agile and responsive. The Governance sub-committee looks after legal compliance, Investment seeks to generate the best returns it can on your funds, Audit guards against fraud or systemic issues, Risk identifies and mitigates any threats to the Scheme or your funds, and Communication works to tell you what you need to know in the clearest language possible.
Together BCF works to secure your retirement in the best possible way.
Your Feedback
Your feedback indicates that there is some confusion around knowing the size of your pension pot. We have traced much of this to cases where members have more than one pot, with separate login details. The dashboard programme is intended to overcome this uncertainty and will show all your pension pots in one place, both state and private.
Members of course can access all of their BCF pots through the portal now, and if you are short of any login details please email [email protected]
Look out for more information about when the Dashboard will be available for you to view.
IMPORTANT
You should not take, or not take, any action based on the information in this article, and if you are unsure we would suggest that you seek professional advice. Please also remember that taking out money from your pension may affect your living standards later on in your retirement.
