RPI pension increase

[rkss]

April 2023 pension increase for people in A/B schemes was 10.1%.
I guess next year's increase will be based on Sept 23 RPI of 9%?

[RobertT]

September's inflation figures won't be released until October!
Normally around the middle of the month.

[rkss]

Think its based on Cpi last year's was 10.1%

[renrag40]

In Section B if you have not taken your pension the 2024 increase will September's RPI figure capped at 5%. If you already receive your pension it will be September's CPI figure, uncapped.

[milly]

Think its based on Cpi last year's was 10.1%

If you are on Welfare or worked for the Civil Service etc you got the 10.1% rise, if you are a mug that works and doesn't rely on the Government, you lose purchasing power.
People who live off the tax payer are inflation protected .
There will be many people who have Government Pensions will have recently received inflation proof rises that are higher than most people's total pension who have contributed for decades.
Let that sink in.

[yellowbelly]

......

If you are on Welfare or worked for the Civil Service etc you got the 10.1% rise, if you are a mug that works and doesn't rely on the Government, you lose purchasing power.

...........

S**t happens, t'was always so and always will be. Don't worry - one day we'll all be atoms.

[milly]

......

If you are on Welfare or worked for the Civil Service etc you got the 10.1% rise, if you are a mug that works and doesn't rely on the Government, you lose purchasing power.

...........

S**t happens, t'was always so and always will be. Don't worry - one day we'll all be atoms.

Before I turn into atoms, i would like to benefit from my decades of saved Labour rather than it being stolen by the Government through inflation and taxation.
I hope people can see how unfair and unsustainable it is to increase Welfare recipients and Government Pension payments in line with inflation whilst our Pension is capped at 5%.
Then there is the second attack on the Workers by freezing income tax allowances until 2028.
If this continues it is mathematically certain that the UK economy will collapse as the parasites will eat the host.

[RobertT]

I hope people can see how unfair and unsustainable it is to increase Welfare recipients and Government Pension payments in line with inflation whilst our Pension is capped at 5%.

I'm not going to disagree with you about the unsustainability of either the welfare state or public sector pensions, of which the RMSPS is one. There is a massive black hole which is getting bigger by the year, with no obvious plan in place to reduce it any time soon.
The last time I heard, the total public sector pension liability was £2.3 Trillion, but has probably increased since then.

Members of at least some of those pension schemes have actually seen a reduction in benefits going forward, aswell as later retirement ages. With a rise in NRA and a change from final to average salary, like many in RM.
And no doubt the state pension age will also increase, despite life expectancy figures saying it shouldn't.

But whether those changes will have a big enough impact, is debatable.
If they do, it'll take decades to see their effects on the public finances.

You can moan about differences in pension increases, but what about the workers without access to a DB pension? Many only have DC plans!
They won't have any inflation proofing at all(other than state pension), unless they sign up to an annuity, which despite recent increases in rates are regarded as old hat and poor value.
They would probably kill for your RM DB scheme. It may not be as good as some, but it's better value for money than most people seem to think!

Then there is the second attack on the Workers by freezing income tax allowances until 2028.

The threshold for paying NIC's increased in July 2022 to bring it in line with income tax, which will counteract things to at least some degree. That rose from £9,880 to £12,570.


What I've learnt over the years, is you can't blame everything on other people. The individual has to take control of their own destiny and not rely on things largely out of their control. That's what I've tried to do anyway.
If the end of the world scenario happens, then it happens. At least I'll have got on with it and put my head above the parapet and tried to beat them!

Moaning won't solve anything!

[milly]

I hope people can see how unfair and unsustainable it is to increase Welfare recipients and Government Pension payments in line with inflation whilst our Pension is capped at 5%.

I'm not going to disagree with you about the unsustainability of either the welfare state or public sector pensions, of which the RMSPS is one. There is a massive black hole which is getting bigger by the year, with no obvious plan in place to reduce it any time soon.
The last time I heard, the total public sector pension liability was £2.3 Trillion, but has probably increased since then.

Members of at least some of those pension schemes have actually seen a reduction in benefits going forward, aswell as later retirement ages. With a rise in NRA and a change from final to average salary, like many in RM.
And no doubt the state pension age will also increase, despite life expectancy figures saying it shouldn't.

But whether those changes will have a big enough impact, is debatable.
If they do, it'll take decades to see their effects on the public finances.

You can moan about differences in pension increases, but what about the workers without access to a DB pension? Many only have DC plans!
They won't have any inflation proofing at all(other than state pension), unless they sign up to an annuity, which despite recent increases in rates are regarded as old hat and poor value.
They would probably kill for your RM DB scheme. It may not be as good as some, but it's better value for money than most people seem to think!

Then there is the second attack on the Workers by freezing income tax allowances until 2028.

The threshold for paying NIC's increased in July 2022 to bring it in line with income tax, which will counteract things to at least some degree. That rose from £9,880 to £12,570.


What I've learnt over the years, is you can't blame everything on other people. The individual has to take control of their own destiny and not rely on things largely out of their control. That's what I've tried to do anyway.
If the end of the world scenario happens, then it happens. At least I'll have got on with it and put my head above the parapet and tried to beat them!

Moaning won't solve anything!

I'm not moaning, I'm just warning people what will happen!

[RobertT]

I'm not moaning, I'm just warning people what will happen!

No, you're saying what you think will happen.

Everyone is entitled to their opinion, but you just come out with the same old stuff every time!

People want to know how things will affect them on a personal level. Telling them at some unknown point in the future the sh!t's going to hit the fan, the parasites are going to eat them and we're all doomed, isn't being very constructive, is it!

And you wonder why you get grief on here....

[milly]

I'm not moaning, I'm just warning people what will happen!

No, you're saying what you think will happen.

Everyone is entitled to their opinion, but you just come out with the same old stuff every time!

People want to know how things will affect them on a personal level. Telling them at some unknown point in the future the sh!t's going to hit the fan, the parasites are going to eat them and we're all doomed, isn't being very constructive, is it!

And you wonder why you get grief on here....

It's a mathematical certainty unless of course we discover a cheap energy source from somewhere.
Workers are affected on a personal level when welfare recipients receive tax free inflation proof rises and Civil Service/Government Pensioners also receive inflation proof rises.
You don't think that causes inflation?
People who try and do an honest day's Work are rapidly falling behind the parasitic class.

[RobertT]

It's a mathematical certainty unless of course we discover a cheap energy source from somewhere.
Workers are affected on a personal level when welfare recipients receive tax free inflation proof rises and Civil Service/Government Pensioners also receive inflation proof rises.
You don't think that causes inflation?

Re-read my first sentence! I said the current situation is unsustainable!

People who try and do an honest day's Work are rapidly falling behind the parasitic class.

What about those workers who got above inflation rises not long ago? Some got 16% or even 18%. Do you blame them for inflation too?

And those section B pensioners of the RMSPS/RMPP who got 10.1% increases. Is it their fault?

What if RM had given it's workers a pay rise equal to inflation, would you be blaming yourself?

It seems to me you are moaning. You see others getting a better deal than you and you don't like it!

[milly]

It's a mathematical certainty unless of course we discover a cheap energy source from somewhere.
Workers are affected on a personal level when welfare recipients receive tax free inflation proof rises and Civil Service/Government Pensioners also receive inflation proof rises.
You don't think that causes inflation?

Re-read my first sentence! I said the current situation is unsustainable!

People who try and do an honest day's Work are rapidly falling behind the parasitic class.

What about those workers who got above inflation rises not long ago? Some got 16% or even 18%. Do you blame them for inflation too?

And those section B pensioners of the RMSPS/RMPP who got 10.1% increases. Is it their fault?

What if RM had given it's workers a pay rise equal to inflation, would you be blaming yourself?

It seems to me you are moaning. You see others getting a better deal than you and you don't like it!

I'm talking about unfunded inflation proof rises.
If a company makes enough money to pay their workers in line with inflation then that's perfectly fine.
If the Workers have to pick up the tab then that is wrong.

[yellowbelly]

..........

If a company makes enough money to pay their workers in line with inflation then that's perfectly fine.
If the Workers have to pick up the tab then that is wrong.

But surely then that's contributing to the inflationary cycle?

The way you comment you seem to tar ALL welfare recipients/govt pension recipients as a 'parasitic class'.
Are not a lot of those govt pensioners who were 'the workers' entitled to their pensions -nurses, armed service personnel, police officers, ambulance paramedics/technicians, prison officers worthy of their pensions? It's not their fault - it's the system. Slag off the system by all
means but don't label people who you don't know and don't know their circumstances as a 'parasitic class'. You like to invest
your rewards as you see fit and no doubt a lot of those investments are in capitalist enterprises - some may say that's parasitic
itself.

[RobertT]

I'm talking about unfunded inflation proof rises.

So it is the fault of section B pensioners? Potentially your ex and current colleagues amongst them!

If a company makes enough money to pay their workers in line with inflation then that's perfectly fine.

Despite the fact it also has an effect on inflation?

If the Workers have to pick up the tab then that is wrong.

So that's anyone who gets a pay increase below inflation?

Sounds to me as if you're picking and choosing. You won't be able to do that when the world ends and the parasites are eating you from inside!