State Pension Increases

[alan__mcfc]

I opted out years ago, God knows where that money is or how I find it?

Contact HMRC and they can tell you who you were contracted out with. A pelican on the letter sounds like it's Royal London

 

[Ifwecouldjust.......]

I opted out years ago, God knows where that money is or how I find it?

Find pension contact details

Find the contact details for a pension provider by using the Pension Tracing Service

www.gov.uk

 

[The Future’s Blue!]

Very informative, thank you.

 

[denislawsbackheel]

Thanks for reply.
In my case there are 4 elements of which only 1 is getting 8.5 percent.
The other 3 at 6.7 percent my letter gives only the new weekly amount so I have asked them to detail why I have been paying for spurious benefits that are not treated as a full pension.
Incidentally I am in my middle 80s so many changes have happened to NI eg SERPS etc and for some of that time I was paying maximum monthly payments.
I had the phone call because my math's of what 8.5 percent increase was did not agree with their letter. The call centre agreed with my math's then told me to expect an explanation by phone wirhin 4 weeks.
I have asked for a detailed letter to allow me to understand their reasoning.

My advice is check the math's, they got it right last year but are short changing some of us this year.

Triple lock only applies to the basic state pension.
Extras like the serps element only get CPI, which this year was lower.

 

[SilverFox2]

Triple lock only applies to the basic state pension.
Extras like the serps element only get CPI, which this year was lower.

I was given no choice when paying in via NI contributions as that was the way it worked. Why is my pension payment extras only 6.7 percent surely inflation is inflation for all pensions? It was taken off as a percent of my wage not a an extra I could contribute to.

Incidentally I spoke to a Military veteran who said his army pension is also 6.7.

 

[Mr Kobayashi]

Triple lock only applies to the basic state pension.
Extras like the serps element only get CPI, which this year was lower.

Quite right too.

 

[denislawsbackheel]

I was given no choice when paying in via NI contributions as that was the way it worked. Why is my pension payment extras only 6.7 percent surely inflation is inflation for all pensions? It was taken off as a percent of my wage not a an extra I could contribute to.

Incidentally I spoke to a Military veteran who said his army pension is also 6.7.

So was My public sector pension.

 

[SilverFox2]

So was My public sector pension.

I wonder why the latest all in one pension has risen by 8.5 percent then?

 

[denislawsbackheel]

Because the post 2016 state pension has no SERPS component.
Pre 2016 state pensions get 8.5% on the basic pension and CPI on the SERPS component, which I believe was 6.7%

 

[SilverFox2]

Because the post 2016 state pension has no SERPS component.
Pre 2016 state pensions get 8.5% on the basic pension and CPI on the SERPS component, which I believe was 6.7%

Why are they differant?
What is CPI and why does it differ?
Trying to understand how it is correct to have my NI contributions considered to be of less/more value than the new one which presumably has suffered exactly the same devaluation last year.
Incidentally last year my full pension received the full 10.1 percent increase.