Pension increase 2021

[Captain Kirk]

Is it tomorrow Sept 22 CPI is announced? If it’s high what’s the feeling that the government will renege on the present formula/ agreement?

 

[Talk Wrench]

Is it tomorrow Sept 22 CPI is announced? If it’s high what’s the feeling that the government will renege on the present formula/ agreement?

Good question.

Considering the ridiculousness of the post Boris administration, if the Conservatives renege on their pension promises then they may as well just hand over the keys to Starmer.

 

[Late & Tired]

Is it tomorrow Sept 22 CPI is announced? If it’s high what’s the feeling that the government will renege on the present formula/ agreement?

Much has already been posted on this, with a few fundamental questions, certainly in terms of MoD Pensions:
1. Will the FULL Sep CPI rate be honoured in full for April next year?
2. Will the Govt apply a 'split' rate for Apr and Sep 23?
3. Will a 'Cap' be applied to MoD Pensions, irrespective of CPI?
4. Will the Govt introduce a revised mechanism such as CPI(H) as muted previously?
The ONS is stating (currently) that the Sep 2022 rate will be released on 19 October.

 

[Vauxhall]

Keep an eye on our website. We have not been told that there is any other plan than to use CPI. What we do learn we will post on our website.

 

[busby1971]

I think for the forces pension theres a little bit of legality to sort out if they were to hit that in year, and if they hit the state pension then its game over and Id like to think that they are not that short sighted, theres still enough money floating around.

At this stage of the electoral cycle Id expect a few give aways and plenty of status quo, and if people start to be grateful for their 10% ish rises next year, and other issues settle down, and if this is reflected in the polls, and they manage to get re elected then get the economy sorted proper then.

The move to CPI(H) is probably going to come, unless they tinker with CPI, although this wont be as much of a shock as the move from RPI which was really damaging.

 

[Captain Kirk]

Much has already been posted on this, with a few fundamental questions, certainly in terms of MoD Pensions:
1. Will the FULL Sep CPI rate be honoured in full for April next year?
2. Will the Govt apply a 'split' rate for Apr and Sep 23?
3. Will a 'Cap' be applied to MoD Pensions, irrespective of CPI?
4. Will the Govt introduce a revised mechanism such as CPI(H) as muted previously?
The ONS is stating (currently) that the Sep 2022 rate will be released on 19 October.

Where have you heard or read points 2 & 3?

 

[Late & Tired]

Where have you heard or read points 2 & 3?

Just my thoughts on what a devious, unfolding plot may occur. Absolutely NO credibility in either option, other to stimulate thoughts; a personal opinion and nothing more and not to be taken factually on this opinion forum. I opine that this Govt will increase every handbrake measure to reduce payments. I only hope the old age pensioners get a full uplift. Hope that clarifies, not scaremongering and I really hope to be proven wrong!

 

[Tin basher]

I'm expecting things to pan out as normal and receive an approx 10% pension rise and a 1% cut in my rate of tax in April. We shall see

 

[Late & Tired]

I'm expecting things to pan out as normal and receive an approx 10% pension rise and a 1% cut in my rate of tax in April. We shall see

Story TB, yesterday's action by JH has removed your 1% windfall. Also, tomorrow's (19th), planned release of the CPI rate from the ONS will be given serious consideration as to its 'implementation' into next year's Pension change. May I refer you to Labour MP Emma Hardy's direct question to JH at 17:16 hrs yesterday 17 October, in the House of Commons - "will the full Sep CPI rate be given to Pensioners in April 2023?" The response was very enlightening; in sum...

 

[Captain Kirk]

Why not just put what was said?

 

[busby1971]

Obviously nothing actually being said but this would be the end of this government, now if Labour could change out Bier Starmer that would be nice.

Triple lock: Liz Truss ditches pledge to raise pensions with inflation https://www.bbc.co.uk/news/uk-politics-63303880

 

[Rigga]

So “a government” with the remotest chance of being re-elected is considering NOT implementing a sharp rise for the second year in a row (and after insisting it was only for 1 year) …it has absolutely nothing to lose.
This ‘government’ can ‘can’ the triple-lock rule without any serious repercussions and almost with thanks from all the other political parties who also could not think of how to get out of it.
Sadly, my retirement is next year and I was looking forward to that slight gain….

 

[muttywhitedog]

It is almost like they are adopting a scorched earth policy, safe in the knowledge that the next government will have an absolute shit show to deal with. Selfish, unpatriotic arseholes who are prepared to make everyone suffer because the handful of privileged Uber rich couldn't take an even bigger slice of the ever shrinking pie. How on earth anyone would vote for them is beyond me.

 

[busby1971]

I don’t think you can blame your lack of empathy on the government, the current issues are directly linked to the COVID pandemic and the measures taken, some say that if other parties had more influence then the problems would now be worse, and the War in Ukraine, you could sprinkle in a bit of Brexit but the impacts of that are very much a sideline, economically.

Inflation started to creep up pre Ukraine due to COVID support, however it went into over drive once the invasion happened, so we’ve still got about 5 months of high inflation before the year is up and it should rebalance.

The triple lock does need to come to an end at some point, I just don’t think now is the right time, politically or economically.

 

[muttywhitedog]

10.1% rise next April - if they keep to their word.....

 

[Late & Tired]

10.1% rise next April - if they keep to their word.....

Well that's the figure they have to work with, - (or against, - see earlier posts). Considering they have removed the 1p in the £ cut to basic rate and, alongside all the other benefit and tax cuts in store, although I am normally a 'glass half full' type, I don't see this being 'fully' implemented 'in one' from next April for the MoD Pension. I do however, sincerely hope State Pensioners receive a substantial element. This decision, could be seen as the Govt voting themselves into opposition by angering the Senior population. For the MoD Pensions affect, I see JH driving towards a rate in terms of wages, enhanced between 2.5~5% or some form of 'split' in line with recent Apr/Sep Forces pay rises. These are just my thoughts mind... don't forget they are not implemented until next April, therefore we have had a further 6months of enhanced interest rates prior to any change.
And don't forget it's taxed.

 

[Captain Kirk]

I don’t receive an annual increase yet, and agree with part of the above post that as they’re destined for opposition they don’t have to get it right.
When does today’s CPI get broken down into X% on pensions?

 

[Talk Wrench]

PMQ's just now.

Truss has committed herself and her Chancellor to the triple lock .

 

[Captain Kirk]

PMQ's just now.

Truss has committed herself and her Chancellor to the triple lock .

CPI increase announced as 10.1% - Forces Pension Society

This figure is used to increase all Armed Forces pensions in payment.

forcespensionsociety.org

Again, is this CPI increase to military pensions written into U.K. law, or can they ‘tinker’, as they seem to love to do?

 

[busby1971]

CPI increase announced as 10.1% - Forces Pension Society

This figure is used to increase all Armed Forces pensions in payment.

forcespensionsociety.org

Again, is this CPI increase to military pensions written into U.K. law, or can they ‘tinker’, as they seem to love to do?

It is locked by law, but the law is only the law until a new law comes about.

Doubt theyll be able to do something within a working timeframe