April 2019 Pensions Increase

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Oblivion
Oblivion Posts: 20,248 Forumite
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in Pensions, annuities & retirement planning
The CPI for September was announced today and so in April 2019 State Pensions will rise under the Triple Lock by the Ave Earnings figure of 2.6%.

Anyone with a Teachers Pension or Local Government Pension in payment will receive the CPI increase of 2.4%.
... Dave
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  • xylophone
    xylophone Posts: 44,427 Forumite
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    The CPI for September was announced today and so in April 2019 State Pensions will rise under the Triple Lock by the Ave Earnings figure of 2.6%
    .

    Old Rules

    The Basic State Pension will increase by 2.6%.
    The Additional State Pension will increase by 2.4%

    New Rules

    The New State Pension will increase by 2.6%.
    The Protected Payment will increase by 2.4%.
  • Sun-Is-Fun
    Sun-Is-Fun Posts: 243 Forumite
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    Funny how it's dropped when this is the month that is used to calculate pension benefits, as it was 2.7% in August, or is that me just being cynical !;)
  • xylophone
    xylophone Posts: 44,427 Forumite
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    or is that me just being cynical !

    Oh, perish the thought!:)

    RPI incidentally was 3.3% - it doesn't take a cynic to impute cost cutting as the reason for the change of index to CPI!
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    xylophone wrote: »
    Oh, perish the thought!:)

    RPI incidentally was 3.3% - it doesn't take a cynic to impute cost cutting as the reason for the change of index to CPI!

    Wasn't it universally agreed that the reason Brown introduced the CPI was to give him scope for using it? At one point he (it was said) wanted to adopt it retrospectively for some index-linked gilts.
    Free the dunston one next time too.
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    mjfp509 wrote: »
    Funny how it's dropped when this is the month that is used to calculate pension benefits, as it was 2.7% in August, or is that me just being cynical !;)

    You're on a winner there.
    (i) It goes down: politicians and civil servants are out to cheat us.
    (ii) It goes up: politicians and civil servants are feathering their own nests with their gold-plated pensions.
    (iii) It stays the same: they mucked up the calculations so just used last month's figure instead.
    Free the dunston one next time too.
  • hugheskevi
    hugheskevi Posts: 3,863 Forumite
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    I was amused by this article about the Lifetime Allowance increase, following the release of inflation figures, and specifically this comment:
    Aegon head of pensions Kate Smith said the "relatively small change" could make a "big difference" for savers.

    "The limit won't just affect the wealthiest," she said. "People on middle incomes who have been saving into a DB pension for a long time can also be caught by the tax hike that comes with surpassing the allowance.

    "For people approaching this limit, therefore, financial advice is particularly important."

    To breach the Lifetime Allowance with a DB pension requires a pension income in excess of £50,000 per year. Even for someone retiring with a full 2/3rds final salary pension, that is still a salary of £75,000.

    Middle-income no longer seems to be based on mean or median salary :D
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    hugheskevi wrote: »
    Middle-income no longer seems to be based on mean or median salary :D

    Seventy-Five fassand, mite? Bare bones, mite, bare bones.
    Free the dunston one next time too.
  • badmemory
    badmemory Posts: 7,799 Forumite
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    Thanks for saving me looking it up later, off to see what my increase is. although I doubt it is enough of a %age to pay my actual annual increase in costs.



    Virtually everything in a supermarket has gone up well over 10% in the last year & don't get me started on BT, council tax & water. I keep meaning to check what they actually include in CPI, it is obviously a lot of things I never need to buy/replace.
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    badmemory wrote: »
    Virtually everything in a supermarket has gone up well over 10% in the last year

    Our favourite loaf is down from £1 to 85p.
    Free the dunston one next time too.
  • Peelerfart
    Peelerfart Posts: 2,177 Forumite
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    xylophone wrote: »
    Oh, perish the thought!:)

    RPI incidentally was 3.3% - it doesn't take a cynic to impute cost cutting as the reason for the change of index to CPI!

    "Impute" I like that word! I shall use it more in my day to day conversation.
    Space available for rent
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