this years pension increase

[stodgy88]

anyone know what % it is cheers.

[redpanda911]

anyone know what % it is cheers.

I"ve just got mine, its not 2.2%(cpi) but about 1%( I will have to check this out)it might be wrong!

[N1-22postman]

I have just received my Pensions Increase Review which states what my annual pension will be from 08/04/13. I wonder why they don`t tell you the % increase. Fortunately I have last years review and a quick calculation tells me the increase is to be 2.2%. This based on CPI of 2.2% whereas the RPI was 3.3%. The change in link from RPI to CPI means that (yes you`ve guessed it ) royal mail pensioners will be worst off by 1.1% this year. Worst is to come as the Office for Budget Responsibility forecast the gap between CPI and RPI to widen to 1.2% next year, 1.4% the following year and 1.8% in 2016. This news is worst than the weather at the moment.

[savo]

Are you referring to people who are already receiving their RM pension ?

I have a "frozen" pension ( left RM in 2009 ) which i start getting @ age 60, is the 2.2% increase applied to my pension also ?

[N1-22postman]

I am a plan B member (joined Royal Mail between 1/12/1971 and 1/4/1987) still working as a postman, still paying into the pension, who took his NRA60 benefits 2years ago. So the 2.2% increase is the Pension Increase Review figure applied to the annual pension I am currently receiving. Preserved benefits for a deferred Secion B member are increased each year in line with the Pension Increase Review based on CPI. I am not sure if Section C members (joined Royal Mail after 1/4/1987)use the CPI figure or the RPI figure.

[fishtank]

I am not sure if Section C members (joined Royal Mail after 1/4/1987)use the CPI figure or the RPI figure.

pension.jpg

[savo]

Thanks FT - looks like i will get RPI increase on my deferred pension.

[zurdo]

I'm 67, been retired 2 years and my increase in pension (section C) is about 2.51%. According to the NFOP ( National Federation of Occupational Pensioners) the increase in Royal Mail pension for April '13 is Section A/B 2.2% and Section C, 2.6%. see here http://www.nfop.org.uk/2013/02/15/pensi ... ases-2013/" onclick="window.open(this.href);return false;

[ladiepostie1]

Any idea what the pension increase will be this year please.

[N1-22postman]

It depends when you joined the pension scheme.Pre 1987 is section A/B which applies to me and you will get in April 2014 an increase based on the Consumer Price Index (CPI) for September 2013 which was 2.7%. If you joined between 1988 and 2008 you are section C and your increase is based on the Retail Price Index (RPI) which was 3.2% for September 2013.

[ladiepostie1]

Thank you N1-N22 i am in the latter and will get 3.1 on most of it.

[micky]

is the Royal Mail pension index linked

[TrueBlueTerrier]

is the Royal Mail pension index linked

All pension provided by RM and to what they are linked to Retail (RPI) or Consumer (CPI) Price Index are listed 5 posts above.

[RobertT]

is the Royal Mail pension index linked

That could depend on which scheme you’re in:

If you joined the pension before April 2008 you’ll be in the final / average salary scheme, either sections A, B or C. When you take your pension it will be index linked.

If you joined after April 2008 you’ll be a member of the defined contribution scheme(via Zurich) and you’ll have a number of options in terms of how you take your pension. One of which could be an index linked annuity.