This Year's Pension Increase

[max49]

Is there anywhere where I can find out what rate the pension (NRA60) increases by in April?

[RobertT]

Just Google the rate of inflation for last September.

CPI for section A/B, or RPI for section C.

[max49]

CPI for section A/B, or RPI for section C.

Thanks, that's quite a big difference between the CPI & RPI rates

[FatDickie]

So is it 3.1%?

Only started drawing my tiny royal mail pension last year (8 years service from 35 years ago) so this will be my first increase

[RobertT]

So is it 3.1%?

Only started drawing my tiny royal mail pension last year (8 years service from 35 years ago) so this will be my first increase

CPI was 3.1%, RPI was 4.9%.

If you've been drawing your pension for less than 12 months, I think you'll get a pro rata increase this year.

[FatDickie]

Cheers chap

It won't be much either way
On a pension of £2k per year, less tax
But better than nothing

[NorthernBoy]

Will be interesting to see what this years Septembers cpi level comes in at...I suspect it will be a lot lower than 6.2% as it used to update benefits and pensions across government.

[RobertT]

It's worth noting that section C members get RPI up to a max of 5%, but section A/B uses CPI with, I think, no cap.

The forecast for CPI is it could increase to 8% later this year. Which if the government stick to their promise of reinstating the Triple Lock, would mean a similar rise in state pensions.

[Decky Boy]

I think Robert is spot on with his estimate of 8% .... I certainly don't think the figure will be lower than this. And though an increase of 8% may seem good to those drawing their pension we should remember that real inflation is far higher than 8% and our incomes, in reality, or rather our spending power, is declining !

[windermeredave]

Really disappointing that we don`t know the exact figure until shortly before the first payment at the end of April, just logged onto my personal ta account, and it`s not been updated with the new annual rise yet.

[Jack1960]

Looks like 3.1 percent fir me, from 366 to 377after tax.

[rkss]

Has anyone received a notification /pay slip for the increase in RMSPC of 3.1 %? I thought one gets one evertime there is change in payment?

[fly-catchers]

Has anyone received a notification /pay slip for the increase in RMSPC of 3.1 %? I thought one gets one evertime there is change in payment?

Not yet. And I didn't get one from them last year either! Only the one from the RMPP. However they do eventually post it on their web site if you register with them! Last years one appeared online around June.

[rkss]

Well i have had an increase though no notification but its no where near sept 2022 cpi of 3.1%.

[tractorboy2]

I got less than £6 increase on RMSPS nowhere near the 4.9% (section c).