Pension increase 2021

[foxOneFive]

Correct me if I'm wrong? I think the state pension for a single is just short of £160 a month?

 

[Tin basher]

Correct me if I'm wrong? I think the state pension for a single is just short of £160 a month?

This Gov website says the full new State Pension is £179.60 per week.

The new State Pension

How to get and claim your State Pension, State Pension age - for men born on or after 6 April 1951 and women born on or after 6 April 1953.

www.gov.uk

 

[Hot Shoes]

This Gov website says the full new State Pension is £179.60 per week.

The new State Pension

How to get and claim your State Pension, State Pension age - for men born on or after 6 April 1951 and women born on or after 6 April 1953.

www.gov.uk

That's only if you have enough qualifying years. If you have been contracted out of the NI pension scheme you may not get the full amount. Anyone who has had a long military career or worked for the civil service was contracted out until a few years back. You can check on the government website how much you will get; currently if I were to give up work now I would receive circa £160 at pension age, work another 3 years and I will get the £179. I am in my early 50s so another 3 years is not a problem.

 

[Oldstacker]

That's only if you have enough qualifying years. If you have been contracted out of the NI pension scheme you may not get the full amount. Anyone who has had a long military career or worked for the civil service was contracted out until a few years back. You can check on the government website how much you will get; currently if I were to give up work now I would receive circa £160 at pension age, work another 3 years and I will get the £179. I am in my early 50s so another 3 years is not a problem.

That's exactly the position I am in - RAF & MOD CS so I was contracted out from the start of my service (I joined before I was 17) until the scheme ended. At 62, I still have to work another 3 years or so to pay enough NI to be entitled to the full state pension. If I had been on the dole all that time I would have been credited full contributions for enough years already to be entitled to a full state pension at state pension age...

 

[muttywhitedog]

Chancellor Rishi Sunak hints at ruling out 8% pension rise

Rishi Sunak says a decision on the future of the triple lock promise will be "based on fairness".

www.bbc.co.uk

Looks like Rishi is about to break one of the pre-election bribes to the OAPs.

Perhaps he will sell it in a way that doesnt say "We've bankrupted the country and trashed the economy over the last year so you lot can continue to draw your state pension, so be grateful for a 1% rise you old gits"

 

[Late & Tired]

I think the Conservatives (will and should), be VERY wary about angering the silver vote...
There is an obvious balance to be had in our current economic state.

 

[Oldstacker]

I think the Conservatives (will and should), be VERY wary about angering the silver vote...
There is an obvious balance to be had in our current economic state.

That is one of the conundrums.. the young tend to be noisy & visible at protests to make their demands & feelings heard but often don't vote. The silver generation tend to be less noisy & visible but stick the knife in at elections.....

 

[Captain Kirk]

Chancellor Rishi Sunak hints at ruling out 8% pension rise

Rishi Sunak says a decision on the future of the triple lock promise will be "based on fairness".

www.bbc.co.uk

Looks like Rishi is about to break one of the pre-election bribes to the OAPs.

Perhaps he will sell it in a way that doesnt say "We've bankrupted the country and trashed the economy over the last year so you lot can continue to draw your state pension, so be grateful for a 1% rise you old gits"

And so he should. The youngsters that were financially hit by Covid deserve better, seeing as they are paying the taxes.

 

[Captain Kirk]

I think the Conservatives (will and should), be VERY wary about angering the silver vote...
There is an obvious balance to be had in our current economic state.

I think the grey haired will fear a Labour government next election more than losing a single raise of at least twice the inflation rate. The last time pay rises matched anywhere near that rate was 1990, just before GW1. I may be the turkey voting for Xmas, but Brexit and Covid have skewed the table too much to believe in the Utopia the Conservative promised before they got hit with an unseen 33% of GDP bill.
Any pensioner expectant and 'entitled' to an 8% can think about their kids and grandkids that will pay forevermore for them to have their 'right' not to pay their bit towards the bill.

 

[Tin basher]

Any pensioner expectant and 'entitled' to an 8% can think about their kids and grandkids that will pay forevermore for them to have their 'right' not to pay their bit towards the bill.

Spending the kids inheritance, sounds like a plan

 

[Rugby-Jock-Lad]

Spending the kids inheritance, sounds like a plan

"Worked" for Robert Maxwell and his kids!

One of them ran Jeff Epstein's "female only hotels" and was host for a well known UK Royal Prince!!

:-D

 

[Late & Tired]

Anyone keeping a watchful eye on the CPI rate in terms of the AFPS will note that the June 2021 figure has just been released today and sits at 2.5% ( that's up 0.4% on last month). This rate (CPI), is the rate used to determine (IF THE GOVT PERMIT), the annual increase in the AFP for the following April. It is however, determined from the Sep value (issued in Oct), so there is time for greater, or lesser variability...

 

[Late & Tired]

A little dip announced today boys and girls, to the CPI Rate for July 2021.
This month, it's given as 2%, that's down 0.5% on last month's value.
Some previous years have also seen a similar 'dip' trend.
A few months to go to that all important release in October, lets see what 'Rishi's Recovery' brings...

 

[busby1971]

And just so we can feel angry about the change from RPI to CPI, it’s currently running at 3.8%

 

[muttywhitedog]

I hit 55 early next year and should see an uplift from my lower commuted amount to the full amount, plus almost a decade of CPI rises. How close to my 55th birthday will I be informed as to how much my new monthly payment will be?

 

[dctyke]

Basing the cpi on one month only can lead to manipulation, why not the average for the year. I don’t trust em, would be interested to see how sept has fared against other months in years past.

 

[busby1971]

Basing the cpi on one month only can lead to manipulation, why not the average for the year. I don’t trust em, would be interested to see how sept has fared against other months in years past.

It’s a year on year not a month on month change, which balances everything out over time.

 

[Tin basher]

I hit 55 early next year and should see an uplift from my lower commuted amount to the full amount, plus almost a decade of CPI rises. How close to my 55th birthday will I be informed as to how much my new monthly payment will be?

It was a while back for me, but from memory quite close perhaps only a month before the increase.

 

[Late & Tired]

Basing the cpi on one month only can lead to manipulation, why not the average for the year. I don’t trust em, would be interested to see how sept has fared against other months in years past.

Available via google UK CPI rate ons (Office of National Statistics)

 

[Tin basher]

Available via google UK CPI rate ons (Office of National Statistics)

Also here https://www.rateinflation.com/inflation-rate/uk-historical-inflation-rate/