News update – Bank gives cash sums

JP Morgan is to provide cash payments in lieu of further pension contributions for employees with funds in excess of the standard lifetime allowance, which is currently set at £1.5m.

Rupert Terry, head of European compensation and benefits, said only a few employees were currently affected by the new pension rules which took effect on 6 April. "If they don’t wish to continue contributions into the plan, we’re giving them cash every month."