Public Sector Pension Increase 2024

caveman38

If I am right and public sector, police, teachers and BT (which I am) pension increase for 2024/25, is going to be 6.7%. Why isn't it going to be the same as SP increase of 8.5% - which it generally follows?

Ref44

THe Occupational pensions are based on CPI (September figure). This years SP increase due to triple lock is based on average income increase which why it is higher.

Flugelhorn

because the public sector pensions go up by CPI and the SP goes up by the highest of 3 things : average earnings growth, CPI inflation, or 2.5 - in this case average earnings have gone up more then CPI

caveman38

Many thanks. I was just being greedy. 

hyubh

caveman38 said:

If I am right and public sector, police, teachers and BT (which I am) pension increase for 2024/25, is going to be 6.7%. Why isn't it going to be the same as SP increase of 8.5% - which it generally follows?

It is the same as the additional SP increase (pre-16 SPA)/protected SP payments above the single tier figure (post-16 SPA). Increases on the basic state pension (pre-16 SPA)/single tier state pension (post-16 SPA) are different.

Flugelhorn

caveman38 said:

Many thanks. I was just being greedy. 

  easily done! Last year DH got the same increase for his NHS and State pension, this year state pension will increase more. Can imagine that when inflation was low the SP increased by the 2.5% while the NHS pension increased by a lot less  

westv

Flugelhorn said:

caveman38 said:

Many thanks. I was just being greedy. 

  easily done! Last year DH got the same increase for his NHS and State pension, this year state pension will increase more. Can imagine that when inflation was low the SP increased by the 2.5% while the NHS pension increased by a lot less  

Another way to look at it is that everybody gets the SP but not everybody gets an NHS pension.

GrubbyGirl_2

caveman38 said:

Many thanks. I was just being greedy. 

We've still had more of an increase over the last 2 years than we would have got had we still been working.  Never in my working life did I get a 10.1% pay rise

westv

GrubbyGirl_2 said:

caveman38 said:

Many thanks. I was just being greedy. 

We've still had more of an increase over the last 2 years than we would have got had we still been working.  Never in my working life did I get a 10.1% pay rise

My very first annual pay rise was 57% but I was only earning £1,750 at the time!

Flugelhorn

GrubbyGirl_2 said:

caveman38 said:

Many thanks. I was just being greedy. 

We've still had more of an increase over the last 2 years than we would have got had we still been working.  Never in my working life did I get a 10.1% pay rise

definitely !!!

Don;t think my pay went up for the last 10 years I worked in the NHS 

caveman38

There were plenty of 20% rises during the Winter of Discontent. But, inflation was about that double figures and so too my mortgage rate.