STARTING this month, over 600,000 pensioners across Wales will see their State Pensions rise by up to £470 annually, following the UK Government’s adherence to the ‘triple lock’ policy. This policy ensures that pensions increase each year by the highest of average earnings growth, inflation, or a minimum of 2.5%.

Government’s Position

The UK Government has emphasized its commitment to supporting pensioners through the triple lock. In a recent statement, it was noted that this commitment would result in the State Pension increasing by up to £1,900 over the course of the current Parliament.

Opposition and Think Tank Critiques

However, the policy has faced criticism from various quarters. The Liberal Democrats have raised concerns about the real impact of the pension increase, pointing out that due to the freezing of income tax thresholds, a significant portion of the pension rise could be offset by increased tax liabilities. They estimate that a typical basic rate tax-paying pensioner might see 77% of the pension increase negated by these tax measures.

Additionally, the Institute for Fiscal Studies (IFS) has questioned the sustainability of the triple lock mechanism. They argue that while the policy aims to protect pensioners’ incomes, it may not be the most efficient approach and could lead to unpredictable fiscal burdens.

Pensions Minister’s Stance

Torsten Bell, the newly appointed Pensions Minister, has previously described the triple lock as “rubbish” and advocated for its replacement with a system that aligns state pension increases with benefits for jobseekers and the long-term sick. Despite his past remarks, recent reports indicate that he is now “fully committed” to maintaining the triple lock.

Economic Implications

Financial experts have also highlighted potential unintended consequences of the pension increase. The freezing of personal tax allowances means that some pensioners may find themselves pushed into higher tax brackets, thereby reducing the net benefit of the pension rise. This situation underscores the complex interplay between pension policies and tax regulations.

In summary, while the increase in State Pensions is a welcome development for many Welsh pensioners, it has sparked a broader debate about the effectiveness and sustainability of the triple lock policy, as well as its interaction with the broader tax system.

More than 120 people in Carmarthenshire, mostly living in the Llanelli area have handed over their personal bank details to criminals involved in money laundering in exchange for financial gifts.

Economic Crime Team officers from Dyfed-Powys Police identified the individuals as part of an ongoing criminal investigation and issued notices advising them to stop the activity immediately or face prosecution.

Throughout February, the team visited people who had been linked with a suspected fraudster, as part of Operation Henhouse – a month-long nationwide clampdown on fraud offences.

On speaking to those involved, officers learned how the individuals opened online bank accounts using their personal information and identification and gave their account login details to criminals in return for cash, who then used their bank accounts to launder money obtained through crime.

The team offered safeguarding advice and warned them about the dangers of opening bank accounts to be used by someone else for criminal activity. 

Many were unaware of the implications of what they had done and thought it was an easy way to make some money. Some were given financial gifts ranging from £50 to £200, while others were promised money but did not receive it.

Dyfed-Powys Police Fraud Investigator Sian Stevens said: “Through intelligence, we were made aware of a fraudster who recruited a number of people in the Llanelli area to open bank accounts, which were then subsequently used for money laundering purposes.

“The Economic Crime Team visited over 120 individuals in February to explain that they had been used as a money mule – this is someone, who has allowed their bank account to be used to send criminal money. We issued them with cease and desist notice to interrupt any further fraud by making sure they were aware what they were doing was a criminal activity.  

“Many of the people were linked to each other. Some were family members or in the same friendship groups, ranging from young adults to pensioners. The accounts had been opened as a direct or indirect interaction with the fraudster. 

“For example, there were some instances where an individual opened a bank account after contact with the fraudster and then went on to tell their friends, ‘you can earn £50 if you open up a bank account and give the details to this person’ and so on. That was just one of many examples how the fraudster managed to obtain personal bank details.”

Dyfed-Powys Police Economic Crime Team Manager Paul Callard said: “People fall victim to fraud every day and the impact on victims can be devastating, both financially and emotionally.

“They can be taken advantage of by criminals and encouraged to allow their accounts to be used. People should be very careful about who they provide their personal information to.

“We will not tolerate fraudulent activity and will look to tackle criminals at every opportunity.”

How to avoid becoming a victim of fraud

• Always use the ABC of scam awareness. Never Assume or Believe a caller, email or text is genuine. Always Confirm by contacting a trusted relative, friend, your bank’s fraud department or the police to check it is genuine.
• Remember the police will never call you asking you to assist with an investigation by withdrawing cash for them to collect, or requesting to collect your bank card. If you receive a call purporting to be from the police and are unsure it is genuine, ring them back via 101 using a different telephone.
• Avoid clicking on links in emails and text messages from unknown sources, as they are liable to be a scam.
• Always use a strong and separate password for your email address by using three random words.

Do you know what will happen if you are caught allowing criminals to use your bank accounts to money launder?

You could face prosecution and go to prison for up to 14 years.

It will be difficult to get a phone contract.

Your bank accounts will be closed.

You will have problems applying for credit.

PEMBROKESHIRE County Council’s Building Control Team is congratulating local building and design projects for success in the LABC Building Excellence Awards 2024.

The LABC Building Excellence Awards are the largest business to business awards in the building control sector.  

They celebrate buildings and design teams that have overcome the challenges of complex technical and construction issues and put the spotlight on innovative and creative building work.

In Pembrokeshire, D & O Construction Ltd, Julian Bishop Architect, Redstone Architecture  and AB Rogers & Son Ltd, Hayston Development & Planning Ltd all achieved success on some high profile local projects.

In the Regional LABC Building Excellence Awards 2024, Berry Lodge, Newport won the Best Residential Extension in Wales prize with work carried out by D & O Construction Ltd and with agents Julian Bishop Architect and Redstone Architecture.

Highly Commended was the development at Plas Y Castell, Llawhaden, carried out by AB Rogers & Son Ltd and Hayston Development & Planning Ltd.

The Berry Lodge development then went forward to the Grand Finals at Grovesnor House in London where the top projects across the UK were celebrated.

Council Building Control Manager Sam Goodwin said: “Building Control is delighted to work on these projects which highlight the skill and innovation of developers locally.

“Pembrokeshire County Council Building Control is proud to be part of LABC Awards. The Local Authority Building Control (LABC) awards were set up to celebrate excellence achieved through high building standards, technical innovation and sustainable designs.

“The Awards are an opportunity for the industry to celebrate good building practice and winners demonstrate how positive working relationships with local Council building control teams achieve high quality, sustainable buildings.

“The awards are unique because they recognise how this cooperation improves building standards and professionalism across the industry and it is great to see local contractors, agents and designers within Pembrokeshire receive recognition in achieving these standards.”

If you would like to contact Building Control at Pembrokeshire County Council, please contact Building Control via the website www.pembrokeshire.gov.uk/building-control or alternatively contact 01437 764551