Pensions Increase 2012

E

EScotia

Guest
#1
I've just received my P60 for my invaliding pension (med discharge 3/2/12) and although it says the increase is 5.2% they have only given me 0.87%!

I've emailed SPVA and Xafinity and will be ringing them on Monday, but I'm confused.com and would like some sort of an idea why they've done this before I ring them, so any ideas?
 
#2
Dunno but they have been very quiet about the pension increase this year.

Time to stock up on gunpowder and find a cellar to rent under the Houses of Parliament. (I bet their pensions aren't affected and anyway they will vote themselves a nice increase later in the year).
 
#3
It is 5.2%. However, this starts from April 6th so if you receive your pension on, say, 10th of the month, you will only receive the difference and get 4 days increase as your April pension went from 11th March to 10th April. It should say, at the bottom of your pension advice, on what the new monthly rate will be from May. This should be 5.2% more than you were previously getting (less tax if any due, of course).
 
#4
It is 5.2%. However, this starts from April 6th so if you receive your pension on, say, 10th of the month, you will only receive the difference and get 4 days increase as your April pension went from 11th March to 10th April. It should say, at the bottom of your pension advice, on what the new monthly rate will be from May. This should be 5.2% more than you were previously getting (less tax if any due, of course).
Thanks ... lets hope ...
 
E

EScotia

Guest
#5
It is 5.2%. However, this starts from April 6th so if you receive your pension on, say, 10th of the month, you will only receive the difference and get 4 days increase as your April pension went from 11th March to 10th April. It should say, at the bottom of your pension advice, on what the new monthly rate will be from May. This should be 5.2% more than you were previously getting (less tax if any due, of course).
Thanks but it doesn't sound like it's the answer, on the P60 it says:

Pension of £4979.65 increased by 0.87%
New rate of £5022.97 a year from 09/04/2012
Standard lifetime allowance used 6.36%
 
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EScotia

Guest
#6
Also, on the SPVA newsletter that came with the P60 it says:

"2012 Pensions Increase. Any annual cost of living increase to your pension is payable if you are over age 55 or if your pension is an ill health, widows, widowers, civil or eligible partner or child's pension. Subject to final Parliamentary approval the full increase will be 5.2%, based on the rise in consumer prices for the 12 months ended 20 September 2011.

Any increase due to you will be paid from 9 April 2012. You may however, be paid a lower or zero percentage if your pension started after 27 April 2011."
 
#7
I've just received my P60 for my invaliding pension (med discharge 3/2/12) and although it says the increase is 5.2% they have only given me 0.87%!

I've emailed SPVA and Xafinity and will be ringing them on Monday, but I'm confused.com and would like some sort of an idea why they've done this before I ring them, so any ideas?
It is a fact that in the first year after leaving the inflation increase is proportionate.

If you leave in early April, you get the full amount, if you leave in October, you get about half and if you leave in mid-late March, you get nothing.

I will dig out the table and let you know tomorrow, what percentage of the increase your leaving date suggests.
 
#8
Ah, right. FPS is correct if your pension started after the beginning of April in the previous financial year you will get a pro rata increase. So I assume you started drawing the pension this year? Leaving in December 2011/Jan 2012 would reduce the increase to about 1.25%.
 
E

EScotia

Guest
#9
It is a fact that in the first year after leaving the inflation increase is proportionate.

If you leave in early April, you get the full amount, if you leave in October, you get about half and if you leave in mid-late March, you get nothing.

I will dig out the table and let you know tomorrow, what percentage of the increase your leaving date suggests.
OK, makes it a bit clearer. You'd think they'd explain that in the SPVA newsletter along with all the other annually repeated stuff though.

I take it I will receive whatever increase (should there be any) is awarded for 2013 in full?
 
#10
OK, makes it a bit clearer. You'd think they'd explain that in the SPVA newsletter along with all the other annually repeated stuff though.

I take it I will receive whatever increase (should there be any) is awarded for 2013 in full?
Yes. :)
 
#12
It is a fact that in the first year after leaving the inflation increase is proportionate.

If you leave in early April, you get the full amount, if you leave in October, you get about half and if you leave in mid-late March, you get nothing.

I will dig out the table and let you know tomorrow, what percentage of the increase your leaving date suggests.

I am afraid this site will not let me cut and paste the table but, for last year, with a CPI of 3.1%, the table looked like this:

Leaving date CPI % uplift
1-25 Apr 3.1
26 Apr-25 May 2.84
26 Apr-25 Jun 2.58
26 Jun-25 Jul 2.33
26 Jul-25 Aug 2.07
26 Aug-25 Sep 1.81
26 Sep-25 Oct 1.55
26 Oct-25 Nov 1.29
26 Nov-25 Dec 1.03
26 Dec-25 Jan .78
26 Jan-25 Feb .58
26 Feb-25 Mar .26
26 Mar-31 Mar NIL

It demonstrates what I was saying and if I can get hold of this year's list I will post it on this site.
 
#16
When rickshaw mini minor found out about this he threw a tantrum, ranting on about fossils like his old man getting a bigger "pay rise" than those, like him, who are serving. I don't think I've enjoyed such quiet gratification siince my ma in law caught her tits in t' mangle......
 
#17
No I don't, to young..............TWWWAAAATTTT! Early Departure Payments are not indexed linked until you are 55.
# Summertime, and the fishing is easy...

<resets bait>

PS It's too, bloody youngsters.
 
#18
Just to confirm then, is this increase payable if you are 55 or over?
Yes. The exceptions to the 55 age criteria are:

- if you leave with an invaliding pension it gets pension increases immediately;

- if you leave with a pension and are under age 55, or you leave with a preserved pension, and you suffer a condition which renders you incapable of gainful employment until age 65. If you have a pension you can claim pension increases. If you have a preserved pension you can claim the pension with pension increases; or

- if you die any dependants' benefits get pension increases paid immediately.
 

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