AFPS 75 & 55th Birthday

[insty66]

Esteemed Goaters,

This month is my payrise for continuing to wake up.

Thing is my pension date is 10 days after my birthday, will my March figure be uplifted to the new number, will it be a pro rata uplift or will it not come till April?

I'm not worried about the numbers unless someone wants to do the maths just curious how it works really.

Cheers

 

[busby1971]

It's paid in arrears so will probably be a mix of old and new.

 

[insty66]

Thanks,

 

[Cooheed]

Next month for me insty

 

[muttywhitedog]

I commuted when I left in 2014 and had I not, my annual pension would have been around £13500, so I would hope that in Feb 2022 when I hit 55, it will be somewhere north of £15K.

 

[insty66]

I commuted when I left in 2014 and had I not, my annual pension would have been around £13500, so I would hope that in Feb 2022 when I hit 55, it will be somewhere north of £15K.

I'm hoping in the 10 and a bit years it's gone up by about 3.5k

 

[muttywhitedog]

I'm rapidly approaching my 55th birthday but as yet, I've heard nothing from Equinity. To those who have hit that date after commuting for a few years, when exactly do they get in touch, when does the higher payment take place (my pension is actually paid on my 55th birthday)?

Thanks.

 

[Tin basher]

I'm rapidly approaching my 55th birthday but as yet, I've heard nothing from Equinity. To those who have hit that date after commuting for a few years, when exactly do they get in touch, when does the higher payment take place (my pension is actually paid on my 55th birthday)?

Thanks.

The increase should be in the first pension you receive after your 55th. From memory I don't recall any forms, letters or fanfare. For me it was prompt and done automatically as my birthday is roughly midway through the pension cycle the pre birthday rate applied for few days and the post birthday rate of the remaining days of that particular month. From then on it's the new rate every month with the annual April increases thrown in.

 

[Vauxhall]

Tin basher is right. The increase happens automatically. If you want to find out what the increase looks like you can ask Equiniti Paymasteer. Enquiries form is at https://equiniti.com/uk/contact-us/pension-member-enquiries/ Remember to give them your service number and your NI number.

 

[Cat Techie]

Esteemed Goaters,

This month is my payrise for continuing to wake up.

Thing is my pension date is 10 days after my birthday, will my March figure be uplifted to the new number, will it be a pro rata uplift or will it not come till April?

I'm not worried about the numbers unless someone wants to do the maths just curious how it works really.

Cheers

You will get the increase from after your birthday and it will be a percentage of course. Tax man will take a cut. Will be correct on next payment for month rate. It was a pleasant surprise as I had not even thought about it until it happened.

 

[Cooheed]

You'll get a letter soon after your 55th showing your new pension and highlighting all percentage rises since you left. Your pension wont match todays rates but better than a kick in the slats And it will be effective from your 55th birthday.

 

[muttywhitedog]

I'm rapidly approaching my 55th birthday but as yet, I've heard nothing from Equinity. To those who have hit that date after commuting for a few years, when exactly do they get in touch, when does the higher payment take place (my pension is actually paid on my 55th birthday)?

Thanks.

Update - I received a letter today from Equinity confirming my revised payments, effective from this month (25% uplift). I never got in touch with them. I've been straight onto HMRC and had my tax code changed so that my entire allowance goes on my pension and I pay BR on any additional job I have.

Am I correct that the annual CPI rise will be effective from 11 April?

 

[busby1971]

Be careful with tax man applying BR or DO coding to any income as it’s not a reactive amount, unless your pension or any other income equals the allowance you should ask for a tax code for your employment, even if it’s a zero or negative code with the letter on the other side.

I’ve had a few chats with the tax man this year with one putting my entire tax allowance against my pension and then my earned income as DO, ie every penny at 40%, a quick google and I found out I’d have no 20% tax applied so I quickly went back on hold for an hour and a more knowledgeable chap split my allowance, although on a W1M1 basis.

Just remember the people on the end of the phone aren’t tax experts, they’re just call centre workers.

 

[Vauxhall]

Update - I received a letter today from Equinity confirming my revised payments, effective from this month (25% uplift). I never got in touch with them. I've been straight onto HMRC and had my tax code changed so that my entire allowance goes on my pension and I pay BR on any additional job I have.

Am I correct that the annual CPI rise will be effective from 11 April?

The 2022 increase is applied from 11 April but it is likely that, if your 55 is after that date, the figure in the letter takes account of it. If in doubt, ask Equiniti for clarification.

 

[muttywhitedog]

The 2022 increase is applied from 11 April but it is likely that, if your 55 is after that date, the figure in the letter takes account of it. If in doubt, ask Equiniti for clarification.

Pension has been £964 a month for last 8 years, letter says it is now £1205 a month, effective from my 55th birthday this month. No mention of figure in April. I assume that it will rise to £1242 a month as CPI was 3.1% and then rise every April by September's CPI figure thereafter?

 

[Vauxhall]

yep!. A 3.1% rise is correct and they will write to you to inform you of the rise even though they have just written to tell you about your 55th birthday rise.