lgps increase - dare I ask?

aah

Dare I ask whether LGPS (a funded scheme) has increased by today's (1 September) inflation (RPI) rate for existing pensioners?

(especially as most people think that these miserable pensions are somehow "goldplated") harumph

CLAPTON

septembers figures for inflation are published in October (obviously) and yes final salary schemes are very expensive compared to the amount pensioners paid in

how much did you pay into your pension and how much are you getting out?

Andy_L

aah wrote: »

Dare I ask whether LGPS (a funded scheme) has increased by today's (1 September) inflation (RPI) rate for existing pensioners?

yes/no/sort of :-) Next April it will increase by this Septembers RPI (which, as Clapton said, won't be published till next month). After that it will then use Septembers CPI instead

geoffgeofftygeoff

CLAPTON wrote: »

septembers figures for inflation are published in October (obviously) and yes final salary schemes are very expensive compared to the amount pensioners paid in

how much did you pay into your pension and how much are you getting out?

and who is taking the risk?

Andy_L

geoffgeofftygeoff wrote: »

and who is taking the risk?

which one? longevity changes, investment returns or the employer renaging on the agreement?

Pixieboy

The increase in April 2011 will, I understand, be the increase in CPI (rather than RPI) over the year to the end of September 2010 and, as others have said, the figure is published during October.
Hope that helps.

aah

Thanks to those who responded to my question.

Most pensioners only get back what they paid in, the average payout in the lgps I believe is around £4k pa. Not a fortune - and probablys only enough to put people into the poverty trap

dunstonh

Most pensioners only get back what they paid in

That is highly unlikely. I dont know the figures and have never seen anything published but if you go by the typical net amount paid over a working life and the number of years it takes then to break even, you would expect the vast majority to be significantly better off with the pension.

the average payout in the lgps I believe is around £4k pa.

If it is that low then its probably a result of part timers and high staff turnover.

probablys only enough to put people into the poverty trap

Just think what it would be like if they didnt have it though.

CLAPTON

aah wrote: »

Thanks to those who responded to my question.

Most pensioners only get back what they paid in, the average payout in the lgps I believe is around £4k pa. Not a fortune - and probablys only enough to put people into the poverty trap

how much did you pay into your pension
how much is your pension paying out
what age did you start receiving your pension

Old_Slaphead

aah wrote: »

Most pensioners only get back what they paid in, the average payout in the lgps I believe is around £4k pa.

If you're referring to the LGPS then clearly you have no idea what you're talking about.

Average payout is distorted by the many part timers and employees who've only worked for a few years.