April 2019 Pensions Increase

zagfles

andy001 wrote: »

It baffles me- why they decided to chose September figures? Any one with expert knowlegde?
I would have assumed average for the year as better number??

Read post #15

zagfles

DeletedUser wrote: »

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xylophone

It baffles me- why they decided to chose September figures

BRIEFING PAPER
Number SN-05649, 2 February 2018
State Pension uprating - 2010 onwards


Gordon Banks: To ask the Secretary of State for Work and Pensions pursuant to the answer of 28 June 2010, Official Report, columns 393-94W, on state retirement pensions, for what reasons the month of September is used as the base for these calculations.

Steve Webb: The Consumer Prices Index figure for September is the most up to date that can be used which allows time for the necessary activities involved in changing both the legislation and benefit systems in time for the uprating date in April. This was also true of the Retail Prices Index when that index was used as the benchmark for price inflation. The September figures are published by the Office for National Statistics in mid-October and feed into the forecasts prepared for the pre-Budget report, The Uprating Statement to Parliament is made in November or December followed by the Uprating Order which is laid and debated in the new year. This timetable is important so that new claims to state pensions and pension credit, which can be made up to four months in advance, can be processed using the correct rates of benefit. It also allows adequate time to notify all 19 million benefit recipients of any changes to their benefit.32

[Deleted User]

Lol, just had a good laugh.


I just happened to be reading a completely unrelated post, when i came across this little gem from march this year in this forum.

https://forums.moneysavingexpert.com/discussion/5811744/adding-2880-to-sipp-after-april-5th

"Adding £2880 to SIPP after April 5th"


Post #6 onwards.


:T

DairyQueen

Think this thread is disappearing off-piste.