State Pension increase?

Be_Happy

Yesterday's statement seemed to emphasize that the increase mentioned was for the BASIC state pension. Can anyone tell me what the increase is on the other parts eg additional amount for deferred pension, etc.

Thanks

ExBT_Bob

The index linking of your 'deferred' pension depends on the Scheme rules. What scheme are you in?

hugheskevi

I think Be Happy is referring to the different components of State Pension (eg increments for deferred State Pension, SERPS, S2P, etc) rather than revalution of private pensions.

The uprating of the various component of State Pension, and indeed Basic State Pension, will as outlined in the annual Uprating Order, which will be brought before Parliament very soon.

It would be expected that they would all go up by CPI, the same as Basic State Pension.

Gracchus_Babeuf

S2P is uprated by CPI, the basic state pension by the so-called 'triple lock guarantee' - which is pretty meaningless as average earnings are currently going up by even less than CPI. By 2015 or 2016 the S2P will be abolished and the basic state pension increased by an as yet unknown set amount. Not clear if S2P rights built up to that date will be protected or jettisoned.

zygurat789

hugheskevi wrote: »

I think Be Happy is referring to the different components of State Pension (eg increments for deferred State Pension, SERPS, S2P, etc) rather than revalution of private pensions.

The uprating of the various component of State Pension, and indeed Basic State Pension, will as outlined in the annual Uprating Order, which will be brought before Parliament very soon.

It would be expected that they would all go up by CPI, the same as Basic State Pension.

So that's 5.2% all round?

hugheskevi

So that's 5.2% all round?

Yep, should be.

Be_Happy

Thanks for the info. I was worried in that the Chancellor seemed to emphasize that the 5.2% rise was for the BASIC state pension, as if something else would apply to the other components.