Pension down 60 pound today

[summersunshine]

Hi
Just got my monthly payment (2 pensions old and new ) it’s showing both lower and in total £60 less than the March payments?
Any ideas?

[Jack1960]

How much tax are you playing on it, although not sure that would be the reason

[RobertT]

Hi
Just got my monthly payment (2 pensions old and new ) it’s showing both lower and in total £60 less than the March payments?
Any ideas?

Maybe to do with the 10th April being the payment date?

The RMSPS website says this:

Why is my April payment not equal to 1/12th of my annual rate?

The increase date for your pension this year is 10 April, therefore the pension payment you receive in April will be increased only for part of the month. Any GMP increase will be applied from 6 April.

April’s payment will be paid as follows:

1 to 5 April – will be paid at the old rate
6 to 9 April – will be paid at the old rate unless you have GMP, which will be increased
10 to 30 April – will be paid fully at the new rate
May’s payment will be paid fully at the new rate.

Example

Annual pension at 1 April 2023 = £10,000.00 (£833.33 per month)

Increase due = £10,000.00 x 3% = £10,300.00 (£858.33 per month)

April payment

Days in period x Monthly rate
Days in month

1 to 9 April = 9 days x £833.33 (old rate) = £250.00
1 to 30 April = 30 days

10 to 30 April = 21 days x £858.33 (new rate) = £600.83
1 to 30 April = 30 days

Total due in April = £850.83

https://www.royalmailsps.co.uk/faqs

[summersunshine]

Been consistent amount since retiring 2 years ago, never any fluctuations…got my letter with increases stated for the next year…but yesterday’s payment was 10% less than March 31st payment? So no increase

[NorthernBoy]

Been consistent amount since retiring 2 years ago, never any fluctuations…got my letter with increases stated for the next year…but yesterday’s payment was 10% less than March 31st payment? So no increase

Have you reached state pension age and the supplement has now been removed?

[summersunshine]

Hi thanks for replying

I reached the state pension age last September. Unsure what supplement you’re referring to, still sees a decrease of 10% from last year, so with the extra increase I’m in excess of 10% + less

[summersunshine]

Just got my letter in the post…it calculates my annual increase at 10%

[summersunshine]

Hold the phone….penny’s dropped….with my state pension kicking in last September, that and my post office pension takes me over the tax ceiling for paying income tax at 20% for over the threshold amount …what a plonker

Thanks to all that took the time to respond, many thanks

[Jack1960]

Hope you enjoying retirement, not long till i join you !

[summersunshine]

Good luck to you when you finish…I actually left 2 years before retirement age due to family reasons after 42 years in the job! Was getting the same amount of pension since, hence the tax bit alluding me at first!

Takes a while to stop waking up stupid o’clock, and realising you can have a couple beers in the garden on a nice summer evening! I see the other posties from time to time, and my own is really down about the changes and now hates the job with a passion!

One of the biggest gripes from my family is that we don’t get the best sunbeds on holiday anymore, as I can’t be relied on anymore to be awake at 5am