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Pension increase 2021

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Late & Tired

Flight Sergeant
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I am aware that the CPI rate given for Sep 2020 was 0.5%.
Do we normally receive confirmation 'in written communication' that the Govt will give that value in the following April application, or is it a fixed policy which needs no communication to members?
I seem to recall in the past, getting a letter saying that the CPI rate would be added.
 
The way I understand it is that Equiniti Paymaster write to pensioners when their pension rate changes (eg: tax code alteration, rise etc) so, yes, I would expect you to receive notification about the time you get your P60.
 
Vauxhall said:
The way I understand it is that Equiniti Paymaster write to pensioners when their pension rate changes (eg: tax code alteration, rise etc) so, yes, I would expect you to receive notification about the time you get your P60.
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Are Equiniti still the MOD Paymasters? 2 e-mails to them and I have had no response, most unusual, as Equiniti were first class providers.
 
Yes, Equiniti Paymaster are still the paying agent for AFPS pensions. I have heard from veterans via the Veterans Gateway who have had the same experience as you - no replies to emails. Have you tried ringing? 0345 121 2514
 
Vauxhall said:
Yes, Equiniti Paymaster are still the paying agent for AFPS pensions. I have heard from veterans via the Veterans Gateway who have had the same experience as you - no replies to emails. Have you tried ringing? 0345 121 2514
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I live in Thailand but will give that number a try,thanks. I did not receive a P60 last year, nor did `I receive their excellent 2 page A4 glossy which gives current relevant regulations and addresses. Looking to ensure my wife has up to date information available, just in case.
 
Vauxhall said:
The way I understand it is that Equiniti Paymaster write to pensioners when their pension rate changes (eg: tax code alteration, rise etc) so, yes, I would expect you to receive notification about the time you get your P60.
Click to expand...
Spot on Vauxhall !
Today received both the Pension Letter confirming the 0.5%, alongside the P60.
 
Tin basher said:
Same here, the pension system has never missed a beat since my first payment, quality service.
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Agree. As an old fart of now 57, my paperwork arrived a fortnight ago with a monthly increase of £7.50p a month.....A free pint and a half a month, no complaints apart from freezing my buttress off drinking it in this never ending north easterly wind!
 
Anyone partly consumed by trend analysis of the UK CPI Rate may be interested to note the recent upward trend (May now released at 2.1%). From a mercenary perspective, a continued upward curve would be good for September's release. Just to come back down to earth with a bump however, the RPI stands at 3.8%. Wonder why we never stayed on that eh...
 
For the proper KOS crowd amongst us (I'm still way to young) if this is right your state pension is going to get a nice boost.

"Retired people could see a bumper rise in the state pension next year, according to official forecasters. Predictions suggest that the link with earnings growth could mean an 8% rise in the amount paid from April 2022. That would cost the government £3bn more than previously expected, according to the Office for Budget Responsibility (OBR)".

www.bbc.co.uk

State pension predicted to rise by 8%

The latest forecasts mean the debate about the triple lock guarantee will heat up.
www.bbc.co.uk
 
As an optimist and they don’t mess it up before I get there, then this rise might still be embedded by the time I get to relax, if I survive that long.
 
Happy to let that accumulate for the next 3.5yrs until I collect it; just as long as the Govt don't decide to pull the plug. I'm happy with any +value on CPI at the moment.
 
Late & Tired said:
Happy to let that accumulate for the next 3.5yrs until I collect it; just as long as the Govt don't decide to pull the plug. I'm happy with any +value on CPI at the moment.
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1 February 2025 for state pension, and the same for a bus pass.
 
Summer 2025 is when my state pension will be payable, but i will have contributed enough (making up for all the years I've been in the MOD and was 'contracted out' ) by autumn 2024ish. Do I want to keep working after then & paying NI that isn't going to increase my pension at all...??? You guess!
 
NI payments stop on earned income when you get to state pension age, another Ker Ching.
 
My point was that I don't intend to keep working past state pension age and, hopefully. not even up until then if it means that the NI I would be paying wasn't going to contribute anything further to my state pension. I know that NI is also a factor in eligibility for some other benefits (no recent NI = no benefits) but where i am unsighted at the moment is just which benefits they may be and whether working (or claiming the dole) is actually worth it once I have earned my full state pension.
 
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