Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • billymadbiker
    • By billymadbiker 7th Oct 17, 9:15 AM
    • 206Posts
    • 28Thanks
    billymadbiker
    Quick State Pension Question..
    • #1
    • 7th Oct 17, 9:15 AM
    Quick State Pension Question.. 7th Oct 17 at 9:15 AM
    Hi,
    I have just checked my state pension summary on the gov.uk website.

    I need to contribute for another 20yrs then in 2046 I should get £160p/w.
    (based on my previous contributions I will only get £69p/w)
    Just wanted to check, I presume this £160p/w will be linked to inflation?
    So, in 2046 I will still be able to buy what I can buy with £160 now?

    Thanks!
Page 1
    • Alter ego
    • By Alter ego 7th Oct 17, 9:17 AM
    • 2,108 Posts
    • 2,021 Thanks
    Alter ego
    • #2
    • 7th Oct 17, 9:17 AM
    • #2
    • 7th Oct 17, 9:17 AM
    In theory yes, in practice it doesn't work like that.

    eg. When I first started work I could buy 40 Mars bars for £1 and they were about 40% larger, now I can probably buy 2 smaller ones.
    Last edited by Alter ego; 07-10-2017 at 9:20 AM.
    Ignore me if you like, it's not the real me anyway.
    • JezR
    • By JezR 7th Oct 17, 10:29 AM
    • 1,508 Posts
    • 1,074 Thanks
    JezR
    • #3
    • 7th Oct 17, 10:29 AM
    • #3
    • 7th Oct 17, 10:29 AM
    By current law new state pension rises are linked to the increase in income.

    By current government policy, they are linked also to the CPI if greater and a floor of 2.5%.

    What may happen between now and 2046 is anyone's guess.
    • IanSt
    • By IanSt 7th Oct 17, 10:29 AM
    • 76 Posts
    • 38 Thanks
    IanSt
    • #4
    • 7th Oct 17, 10:29 AM
    • #4
    • 7th Oct 17, 10:29 AM
    Just wanted to check, I presume this £160p/w will be linked to inflation?
    So, in 2046 I will still be able to buy what I can buy with £160 now?
    Originally posted by billymadbiker
    There is currently a triple lock on the minimum amount that the pension is increased every year. Inflation is one of these, so currently yes it will always be increased by at least inflation.

    A future government could change the method by which pensions are increased, but given that a lot of pensioners vote, it could be similar to turkeys voting for Christmas!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

355Posts Today

2,423Users online

Martin's Twitter
  • RT @LordsEconCom: On Tuesday Martin Lewis, Hannah Morrish & Shakira Martin gave evidence to the Cttee. Read the full transcript here: https?

  • Ta ta for now. Half term's starting, so I'm exchanging my MoneySavingExpert hat for one that says Daddy in big letters. See you in a week.

  • RT @thismorning: Can @MartinSLewis' deals save YOU cash? ???? https://t.co/igbHCwzeiN

  • Follow Martin