On Pension Payment Slip it says....

mamabuddah

Pension increase is 5.2%. Pensioners over State Pension Age receive increase after deducting Guaranteed Minimum pension.

I'm only 56 and it's my Ill Health retirement pension, so I'm not state pension age for another few years yet...but what does it mean?

I assumed (possibly wrongly) that my "Works" Pension would be in addition to my State Pension to hopefully give me a decent standard of living when State Pension actually comes along...to be honest I'm struggling now as I'm not apparently entitled to any benefits or assistance at all because of this pension, must admit it peeves me when they talk about £26k max in benefits for claimants and I don't even have 2/3rds of that figure...lol...oh well...that's the government I suppose....

so as this has appeared just recently...have they changed my works pension scheme without telling me?:(

McKneff

I'm reading that as you are not 'over state penison age' then it doesnt apply to you anyway.

State pension is in addition to any private pension. I get both.
Whilst I was working I got private pension, state pension and salary but have retired now and get my PP and my state pension.
Hope that helps.

Bigmoney2

mamabuddah wrote: »

Pension increase is 5.2%. Pensioners over State Pension Age receive increase after deducting Guaranteed Minimum pension.

I'm only 56 and it's my Ill Health retirement pension, so I'm not state pension age for another few years yet...but what does it mean?

I assumed (possibly wrongly) that my "Works" Pension would be in addition to my State Pension to hopefully give me a decent standard of living when State Pension actually comes along...to be honest I'm struggling now as I'm not apparently entitled to any benefits or assistance at all because of this pension, must admit it peeves me when they talk about £26k max in benefits for claimants and I don't even have 2/3rds of that figure...lol...oh well...that's the government I suppose....

so as this has appeared just recently...have they changed my works pension scheme without telling me?:(

Depending on the exact terms on which you retired it is possible that your company pension will 'claw back' your state pension once it is in payment, so yes, your company pension may go down.
Another way of looking at it is that the company are paying you a bridging pension equal to state pension until you start drawing it from the government.
Have a look at the paperwork you received when you retired it should detail the amount of your pension initially and at state pension age.

mamabuddah

It was an "Ill health retirement" pension that I started getting over 12 years ago ( I was deemed at that time, unable to work for my employer, or indeed ANY employer, hence Ill health retirement mind you the government seem to think I'm able...lol) at that time I don't recall anything about "when I reach state pension age", they would claw anything back, the firm that pays my pension actually took over my pension entitlement ( sort of parent company) when the section I was in went belly up, there was provision that my pension was "guaranteed"

McKneff

You would really be best giving the pension company a ring, it might be a good idea to give the DWP a ring first for a pension forecast.
So if the pc needs them, you have them to hand.

I'm no expert but like i say, I get both but mine was nothing to do with ill health retirement.
Good luck with it and let us know how you get on. please.

xylophone

Pension increase is 5.2%. Pensioners over State Pension Age receive increase after deducting Guaranteed Minimum pension.

I am assuming that by "pension slip" you mean your pension advice from your ex-employer.

You are not state pension age so this does not apply to you - you should find that your pension has increased by the full 5.2%

However, if you were state pension age, then you would find that your occupational pension would increase by less than this amount because of the rules relating to increases on GMP - see here. (For RPI read CPI) http://www.opalliance.org.uk/increases.htm
Some occupational schemes used to apply "abatement" - ie, after the state pension came into payment, the occupational pension would decrease by the same amount.

Your own pensions manual should show if your scheme does this - I don't think it is very common now. Normally, people receive their occupational pension and their state pension; both count as "taxable income". What happens is that your tax code on your occupational pension is adjusted to take account of the state pension, which is not taxed at source.