Pensions Increase 2012

Discussion in 'Armed Forces Pension Scheme' started by EScotia, Apr 21, 2012.

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  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 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. Thanks ... lets hope ...
  5. 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%
  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. 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.
    • Like Like x 1
  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%.
  9. 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. Yes. :)
  11. I second that.

  12. 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.
    • Like Like x 1
  13. Just to confirm then, is this increase payable if you are 55 or over?
  14. Oh look, you qualify.
  15. No I don't, to young..............TWWWAAAATTTT! Early Departure Payments are not indexed linked until you are 55.