Public Sector Pension Increase 2024

Silvertabby

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

I actually took a drop in pay when I joined the WRAF in 1978.  A year later, one of the first things Mrs Thatcher, as the new PM, did was to give the Armed Forces a 34% pay rise.  

drummersdale

I took partial retirement in August 2022 and benefited (if that's the word) from a 6.1% "pension pay rise" - pro rata from the 10.1% and will get the full 6.7% rise in April this year, whereas my CS wages increased by 3% and 5% respectively - so like others have mentioned it feels like my pension has taken a nice bump - although I expect it will normalise over the next couple of years around 3% or so....

molerat

Silvertabby said:

I actually took a drop in pay when I joined the WRAF in 1978.  A year later, one of the first things Mrs Thatcher, as the new PM, did was to give the Armed Forces a 34% pay rise.  

Remember that year well - also got my third stripe - some pay rise that was

From Hansard

Lord Orr-Ewing

asked Her Majesty's Government:By what average percentage armed forces' pay has increased since May 1979 and how this compares with the rate of inflation over the same period.

Viscount Trenchard

Since May 1979 the average pay of the armed forces has increased by 37 per cent. This figure includes the increase of 8·3 per cent. originally due to be paid on 1st April 1980 as the second stage of the 1979 pay award, but which this Government met immediately upon taking office and backdated to 1st April 1979. We estimate that over the same period the index of retail prices has risen by about 36 per cent.

So not quite as good a pay rise as the headline amount would suggest.

Silvertabby

molerat said:

Silvertabby said:

I actually took a drop in pay when I joined the WRAF in 1978.  A year later, one of the first things Mrs Thatcher, as the new PM, did was to give the Armed Forces a 34% pay rise.  

Remember that year well - also got my third stripe - some pay rise that was

From Hansard

Lord Orr-Ewing

asked Her Majesty's Government:By what average percentage armed forces' pay has increased since May 1979 and how this compares with the rate of inflation over the same period.

Viscount Trenchard

Since May 1979 the average pay of the armed forces has increased by 37 per cent. This figure includes the increase of 8·3 per cent. originally due to be paid on 1st April 1980 as the second stage of the 1979 pay award, but which this Government met immediately upon taking office and backdated to 1st April 1979. We estimate that over the same period the index of retail prices has risen by about 36 per cent.

So not quite as good a pay rise as the headline amount would suggest.

True, but as this co-incided with my promotion from LACW to SACW my actual pay increase was nearer 50%.  Plus, as I was single and lived in (heavily subsidised) barrack accommodation, the increase in retail prices didn't really bother me.

Hoenir

caveman38 said:

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

Recall receiving just under 22%. Trouble was inflation was some 18.5%.  The rise didn't go very far........

horsewithnoname

It’s not a real increase, it just (in theory) keeps the value of your pension the same. If it never went up you’d be very skint in a few years. 

Universidad

Hoenir said:

Recall receiving just under 22%. Trouble was inflation was some 18.5%.  The rise didn't go very far........

This "winter of discontent" seems eerily familiar, except for the pay rises...