Your Spring-Summer issue of Penfriend is now available online

As well as stories and letters you have shared with us, you’ll find some helpful articles on the following:

• Your Pension Increase 2023
• Tax questions
• Investments
• Well-being in retirement
• An introduction to our new Trustee Board Member
• Keeping your pension safe from scams
• The new look RPS website

Thank you to all who got in touch with us and contributed to this issue. As always, we’d love to hear your feedback. Please complete our newsletter survey here surveymonkey.co.uk/r/PenfriendSpring23.

We apologise for the error on page 19 in the printed copy of Penfriend in the Tax Question on Marriage Allowance. Where it says 'higher earner' it should say 'lower earner.' The online version has been updated as the following: 

Does my income tax adjust when my spouse’s pension begins? To benefit from tax relief as a couple, the lower earner must usually have an income below the personal allowance, which is £12,570 in the 2022/23 tax year. The lower earner can transfer £1,260 of their personal allowance to their spouse or civil partner, which will reduce their tax by £252 in the current tax year. This is called the Marriage Allowance.

We hope you enjoy this issue.