MSE News: State pension to rise by at least 2.5% next April

Thrugelmir

Oblivion wrote: »

Some consolation I suppose, but with September's manipulated CPI at a negative -0.1% there won't be much good cheer for those of us receiving public service pensions next year, or indeed for anyone else whose work pension receives CPI increases.

Good news for the Governments borrowing targets though.

zagfles

Oblivion wrote: »

Some consolation I suppose, but with September's manipulated CPI

Quick get your tin foil hat on!

at a negative -0.1% there won't be much good cheer for those of us receiving public service pensions next year, or indeed for anyone else whose work pension receives CPI increases.

Why, would you prefer 10% inflation and a 10% rise? Do you think that'd make you better off?

greenglide

when it's actually single tier and can be less than!

It is formally "new State Pension" (nSP) to be precise.

The full nSP rate cannot be less than the Pension Credit single person guarantee which is currently £151.20. Should this increase in the autumn statement then the nSP would have to follow (at least) this rate.

After that the assumption is that the nSP rate would increase by the triple lock, whether the PC rate would do as well is anyones guess.

zagfles

jem16 wrote: »

Or even worse - those people in receipt of a pension related to CPI increases but who don't yet receive the state pension.

Why? A real terms increase in the CPI linked pension (assuming there's no provision for a cut) and a future state pension now worth 2.6% more in real terms

kidmugsy

Oblivion wrote: »

September's manipulated CPI

What's manipulated about it?

Oblivion

zagfles wrote: »

Quick get your tin foil hat on! Why, would you prefer 10% inflation and a 10% rise? Do you think that'd make you better off?

If interest rates on savings followed suit, you betcha matey! :beer:

chris_m

Bit of a daft headline and, TBH, hardly "news".

The Pension Triple Lock guarantees to increase the state pension every year by the higher of inflation, average earnings or a minimum of 2.5% - therefore, unless and until that is revoked, state pensions will always increase by at least 2.5%.

Must be a quiet news day

zagfles

Oblivion wrote: »

If interest rates on savings followed suit, you betcha matey! :beer:

Ah, so you reckon if you earn £1 of interest on every £10, but what cost £10 last year now costs £11, you'll be :beer::rotfl:

Well there's plenty of countries in the world with high interest rates and high devalution of currency. Fill your boots!

zagfles

chris_m wrote: »

Bit of a daft headline and, TBH, hardly "news".

The Pension Triple Lock guarantees to increase the state pension every year by the higher of inflation, average earnings or a minimum of 2.5% - therefore, unless and until that is revoked, state pensions will always increase by at least 2.5%.

Must be a quiet news day

News should have been "bumper real terms increase in state pension of 2.6%". :rotfl:

Oblivion

zagfles wrote: »

Ah, so you reckon if you earn £1 of interest on every £10, but what cost £10 last year now costs £11, you'll be :beer::rotfl:

I would be, oh yes :beer:
It all down to individuals and their savings and their personal lifestyle spending needs and habits. I'd be quids in with high inflation and interest rates to match.