State Pension Increases

[mosssideblue]

That’s the point, you don’t pay tax on pension contributions, you get your tax back. So you pay in £80 and £100 is credited into your pension pot.

Agreed. Also, companies often match your pension contributions

 

[stevemacca]

this one doesn't

Or this one

 

[SilverFox2]

I've found out that my State pension increase has come through by letter at less than the 8.5 percent increase.
I've just had a phone call from them that says my weekly amount is composed of my basic pension which is 8.5 percent whereas the 3 other components eg SERPS etc are benefits at only 6.7 percent.

Last year I got the full 10.1 despite being exactly the same mix.

I protested that all the components were pensions deducted from my pay ie Pensions not benefits but they said they didn't make the rules.

Anyone else finding this?

 

[denislawsbackheel]

That’s how it works.

 

[manclad]

I've found out that my State pension increase has come through by letter at less than the 8.5 percent increase.
I've just had a phone call from them that says my weekly amount is composed of my basic pension which is 8.5 percent whereas the 3 other components eg SERPS etc are benefits at only 6.7 percent.

Last year I got the full 10.1 despite being exactly the same mix.

I protested that all the components were pensions deducted from my pay ie Pensions not benefits but they said they didn't make the rules.

Anyone else finding this?

I got a letter from DWP about 6 weeks ago to tell me that my new state pension amount was increasing to £911.40 every 4 weeks.
It was previously £840 per 4 weeks,so as far as I'm concerned it is a 8.5 % increase.
A very small amount of my pension is SERPS related ,about £5 per week only.
And I've not had a phone call from DWP.

 

[blueinsa]

Rooting around HMRC I can see I have a COPE pension forecast as well as State and its £30.57 a week?

Fucked if I know what that is or where it’s come from?

 

[denislawsbackheel]

Rooting around HMRC I can see I have a COPE pension forecast as well as State and its £30.57 a week?

Fucked if I know what that is or where it’s come from?

You very contracted out of SERPS at one time.

Contracting out and why we may have included a Contracted Out Pension Equivalent (COPE) amount when you used the online service

www.gov.uk

 

[Stephen Ireland's pants]

I got a letter from DWP about 6 weeks ago to tell me that my new state pension amount was increasing to £911.40 every 4 weeks.
It was previously £840 per 4 weeks,so as far as I'm concerned it is a 8.5 % increase.
A very small amount of my pension is SERPS related ,about £5 per week only.
And I've not had a phone call from DWP.

Look at you rockefeller. I can only dream of them numbers when my day comes.

 

[manclad]

Look at you rockefeller. I can only dream of them numbers when my day comes.

I paid NI contributions for 47 years (1972 -2019) and also
paid SERPS for 12 years (1978 -1990) until I opted out on advice from a financial advisor.
So everyone will be getting a similar state pension to me.
In fact my wife will be starting to receive her state pension in 2 months time and her letter from DWP states she will be getting £884 every 4 weeks.
And she didn't work from 1982 - 1996 but was entitled to her SP as a full time mother ( she was entitled to it as she was receiving Child Benefit).

 

[Blue Maverick]

I got a letter from DWP about 6 weeks ago to tell me that my new state pension amount was increasing to £911.40 every 4 weeks.
It was previously £840 per 4 weeks,so as far as I'm concerned it is a 8.5 % increase.
A very small amount of my pension is SERPS related ,about £5 per week only.
And I've not had a phone call from DWP.

Do you get it every 4 weeks then so 13 times a year rather than monthly?