State Pension Increases

[Fiftyyearsandcounting]

My income is from full state pension (Old) plus SERPS plus small private pension.
The SERPS element is reduced by £40 due to contracted out deduction (COD). I understand what COD is, but I have no idea how DWP calculate the amount. Also, as my small private pension is non-incremental, I question whether COD should increase with every basic pension increase.

 

[mosssideblue]

My private pension is pretty complicated. Only certain percentages rise so the rise is never great. It works out around £25 a year. In comparison my sister has a works pension from the Refuge that has just risen £64 a month.

Sorry, I assumed Royal not Merchant Navy

 

[denislawsbackheel]

Me too.

 

[paulchapo]

Sorry, I assumed Royal not Merchant Navy

Me too.

No problem. At one time it was one of the best pension schemes out there, a fact reiterated by some members who had independent financial advisors look at it. Members leaving and a lot retiring early and claiming it through Ill health decimated it.

 

[Blue Maverick]

I get my RAF pension at 60, Tax free lump and about 345 pm which increases the same as the state pension. Still another 10 to go till i get my state pension.

How long did you do in the RAF?

 

[Corky]

The rent increase for social housing has been capped at 5%, when the guidance gave CPI +1.

The state would pay the majority. For pensions they could do the same, come up with a cap, give three figures, then go with the middle one.

 

[Wretched Vengeance]

No problem. At one time it was one of the best pension schemes out there, a fact reiterated by some members who had independent financial advisors look at it. Members leaving and a lot retiring early and claiming it through Ill health decimated it.

Fucking Walter, pretending to have a blue lid :)

 

[I'm With Stupid]

I believe so. The thing is they make out the state pension is some kind of free handout, like they're giving us something for nothing, when the majority of us paid into it our whole working lives.

The thing is that it doesn't actually work like a normal pension because the money you paid in was immediately spent at the time. What should happen is that you should pay in national insurance contributions and they shouldn't be allowed to touch them until you retire. The problem is that we're stuck in this never ending cycle where your contributions paid for your grandparents pensions, and ours will pay for yours, which creates tension between the generations (especially when younger people are struggling, and older people have their incomes guaranteed - not that even that is much help nowadays with energy prices).

 

[paulchapo]

Fucking Walter, pretending to have a blue lid :)

Care to explain this picture and comment because it's gone right over my blue hat head

 

[Wretched Vengeance]

Care to explain this picture and comment because it's gone right over my blue hat head

No malice intended, mate. Just someone thought that you were Royal Navy. It was a poor attempt at humour.

Apologies, bud.