Does the State Pension increase every year?

Eldi_Dos

Silvertabby out of curiosity why will you not be applying for a bus pass. We cannot wait till we can again get a lovely comfortable coach into the centre of Edinburgh,have a leisurely lunch and have a dander about enjoying the vibe then relaxing journey home, dropped off within 200 metres of our door, if you travel outwith rush hour its one of lifes great pleasures and made very affordable with a bus pass.

Silvertabby

Eldi_Dos said:

Silvertabby out of curiosity why will you not be applying for a bus pass. We cannot wait till we can again get a lovely comfortable coach into the centre of Edinburgh,have a leisurely lunch and have a dander about enjoying the vibe then relaxing journey home, dropped off within 200 metres of our door, if you travel outwith rush hour its one of lifes great pleasures and made very affordable with a bus pass.

Where we live, we don't have the luxury of a good bus or coach service!  Much easier to just hop into the car, expecially as we both drive. 

molerat

molerat said:

You will get that plus the increments, the figures quoted are at today's values.  If you get another forecast after 6 April it will state £179.60.

The new 21-22 rates have been updated today.

xylophone

https://www.ifs.org.uk/publications/2282#:~:text=The basic state retirement pension,benefit, not a universal benefit.&text=They may receive a proportion,addition to a spouse's pension.

The above is from 1996 so contains outdated information but it does make clear

The basic state retirement pension is payable irrespective of means but it is a contributory benefit, not a universal benefit.


A person on an occupational pension of £6000 a month will have paid an tidy sum in NI throughout his working life (not to mention tax), and will anyway be paying more in tax than he receives in SP?

hugheskevi

Based on Office for Budgetary Responsibility forecasts, in the long-run it is expected CPI growth will be 2% p/a, earnings growth 3.8% p/a and triple-locked State Pension growth 4.2% p/a - reflecting earnings growth plus additional amount for years in which CPI or 2.5% is higher than earnings growth.

There is policy change risk to consider, and that assumptions may not be accurate, but based on current policy and financial assumptions, the State Pension will increase considerably in real (CPI) terms over time (so you can consume an ever increasing number of Big Macs!).