Pension Increase for 2009

Discussion in 'Finance, Property, Law' started by Murielson, Oct 15, 2008.

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  1. If there is any comfort to be taken in these troubled financial times it is that the RPI for Sep 08 has just been announced at 5%.

    This means that all pensions using the RPI, including military pensions, will be increased by this amount in Apr 09. If you are on fixed pension whilst waiting to reach 55 this means it will be a little bit better than it might have been.

    If you have a spreadsheet tracking the pension increases from when you left to when you will draw your full pension at 55, you can update it now. Would be even nicer if they put the true RPI cost in there but the government could never afford to do that.
     
  2. Spanish_Dave

    Spanish_Dave LE Good Egg (charities)

    Does that include war pension old bean :?
     
  3. oldbaldy

    oldbaldy LE Moderator Good Egg (charities)
    1. Battlefield Tours

    It certainly does :D
     
  4. Some info from last year below:

    http://62.164.176.164/5250.htm

    Pensions increase 2008
    Public service pensions which have been in payment for a year will be increased by 3.9 % from 7 April 2008 (ie based on the RPI in September 2007). Any pension which has been in payment for less than a year will be increased by a proportionate amount depending upon the number of months it has been in payment.
     
  5. Here's a question - if deflation kicked in could they cut the pensions?
     
  6. [If you have a spreadsheet tracking the pension increases from when you left to when you will draw your full pension at 55, you can update it now. Would be even nicer if they put the true RPI cost in there but the government could never afforo do that.[/quote]


    Does anyone have a link to such a spreadsheet or an idiots guide to creating one?

    Thanks
     
  7. Now that would burst your bubble.............. :wink:
     
  8. I'm just coming up to getting my full pension and would be interested in drawing up a spreadsheet - where is the best place for the information?

    Just got my claim form from Glasgow. In order to claim I have to state whether my lump sum will be more or less than 1% of the Lifetime Allowance. The covering letter says they will not tell me what the lump sum is until after the date it is due! If they don't know how the feck am I supposed to know. The pay system doesn't seem to have changed much while I've been away :roll: Still grateful to Her Maj, though.
     
  9. I don't think so. I believe the rules for public sector pensions are 2.5% or RPI, whichever is larger
     
  10. Spanish_Dave

    Spanish_Dave LE Good Egg (charities)

    Hurrah
     
  11. I have provided spreadsheet before to those who have expressed an interest. Drop me a PM.

    Note that it is a spreadsheet as drawn up by me so you may need to test and adjust based on when you got out etc. Should hopefully put you in the right ballpark though if nothing else.

    Murielson is not licensed to provide finacial advice or spreadsheets blah, blah, blah so don't book any luxury holidays based on what you may work out.
     
  12. I have never heard of a minimum 2.5% increase - and I thought I was up to speed on most pension matters. Sadly, if deflation kicked in, I think the Govt of the day would shrink the pension.

    Interesting question, though!

    Litotes
     
  13. Dear All

    Quick question - I left the Army 10 years ago having served just over 22 years.

    I was under the impression of the following.

    1. If l received the smaller pension and the larger handout I would have to wait until 55 before I receive any form of increases.

    However

    2. If I received the larger pension and the smaller handout I would not need to wait until 55 and I would receive all increases from the date l left the Army. This was classed as index linked.

    Are the above statements right.
     
  14. in_the_cheapseats

    in_the_cheapseats LE Moderator

    1. is a correct statement

    2. Is not. We all have to wait until the age of 55 for index linking to kick back in.