Pension increase 2021

[Late & Tired]

I am aware that the CPI rate given for Sep 2020 was 0.5%.
Do we normally receive confirmation 'in written communication' that the Govt will give that value in the following April application, or is it a fixed policy which needs no communication to members?
I seem to recall in the past, getting a letter saying that the CPI rate would be added.

 

[Vauxhall]

The way I understand it is that Equiniti Paymaster write to pensioners when their pension rate changes (eg: tax code alteration, rise etc) so, yes, I would expect you to receive notification about the time you get your P60.

 

[stereolab]

The way I understand it is that Equiniti Paymaster write to pensioners when their pension rate changes (eg: tax code alteration, rise etc) so, yes, I would expect you to receive notification about the time you get your P60.

Are Equiniti still the MOD Paymasters? 2 e-mails to them and I have had no response, most unusual, as Equiniti were first class providers.

 

[Vauxhall]

Yes, Equiniti Paymaster are still the paying agent for AFPS pensions. I have heard from veterans via the Veterans Gateway who have had the same experience as you - no replies to emails. Have you tried ringing? 0345 121 2514

 

[stereolab]

Yes, Equiniti Paymaster are still the paying agent for AFPS pensions. I have heard from veterans via the Veterans Gateway who have had the same experience as you - no replies to emails. Have you tried ringing? 0345 121 2514

I live in Thailand but will give that number a try,thanks. I did not receive a P60 last year, nor did `I receive their excellent 2 page A4 glossy which gives current relevant regulations and addresses. Looking to ensure my wife has up to date information available, just in case.

 

[Vauxhall]

from overseas it is +44 1903 768 625

 

[Late & Tired]

The way I understand it is that Equiniti Paymaster write to pensioners when their pension rate changes (eg: tax code alteration, rise etc) so, yes, I would expect you to receive notification about the time you get your P60.

Spot on Vauxhall !
Today received both the Pension Letter confirming the 0.5%, alongside the P60.

 

[norfolkred1]

Also received my War Pension increase.

 

[Tin basher]

Today received both the Pension Letter confirming the 0.5%, alongside the P60.

Same here, the pension system has never missed a beat since my first payment, quality service.

 

[foxOneFive]

Same here, the pension system has never missed a beat since my first payment, quality service.

Agree. As an old fart of now 57, my paperwork arrived a fortnight ago with a monthly increase of £7.50p a month.....A free pint and a half a month, no complaints apart from freezing my buttress off drinking it in this never ending north easterly wind!

 

[fourteen2two]

Same here, the pension system has never missed a beat since my first payment, quality service.

I agree I left in 96 and the system works fine.

 

[Late & Tired]

Anyone partly consumed by trend analysis of the UK CPI Rate may be interested to note the recent upward trend (May now released at 2.1%). From a mercenary perspective, a continued upward curve would be good for September's release. Just to come back down to earth with a bump however, the RPI stands at 3.8%. Wonder why we never stayed on that eh...

 

[Tin basher]

For the proper KOS crowd amongst us (I'm still way to young) if this is right your state pension is going to get a nice boost.

"Retired people could see a bumper rise in the state pension next year, according to official forecasters. Predictions suggest that the link with earnings growth could mean an 8% rise in the amount paid from April 2022. That would cost the government £3bn more than previously expected, according to the Office for Budget Responsibility (OBR)".

State pension predicted to rise by 8%

The latest forecasts mean the debate about the triple lock guarantee will heat up.

www.bbc.co.uk

 

[busby1971]

As an optimist and they don’t mess it up before I get there, then this rise might still be embedded by the time I get to relax, if I survive that long.

 

[Late & Tired]

Happy to let that accumulate for the next 3.5yrs until I collect it; just as long as the Govt don't decide to pull the plug. I'm happy with any +value on CPI at the moment.

 

[Barch]

Happy to let that accumulate for the next 3.5yrs until I collect it; just as long as the Govt don't decide to pull the plug. I'm happy with any +value on CPI at the moment.

1 February 2025 for state pension, and the same for a bus pass.

 

[Oldstacker]

Summer 2025 is when my state pension will be payable, but i will have contributed enough (making up for all the years I've been in the MOD and was 'contracted out' ) by autumn 2024ish. Do I want to keep working after then & paying NI that isn't going to increase my pension at all...??? You guess!

 

[busby1971]

NI payments stop on earned income when you get to state pension age, another Ker Ching.

 

[Vauxhall]

Busy is absolutely right. No more NI - so, effectively, a big pay rise.

 

[Oldstacker]

My point was that I don't intend to keep working past state pension age and, hopefully. not even up until then if it means that the NI I would be paying wasn't going to contribute anything further to my state pension. I know that NI is also a factor in eligibility for some other benefits (no recent NI = no benefits) but where i am unsighted at the moment is just which benefits they may be and whether working (or claiming the dole) is actually worth it once I have earned my full state pension.