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17-10-2017, 10:22 PM
21

Re: State Pension to Rise

Originally Posted by swimfeeders ->
Hi

Today's Inflation figure is the one that sets next year's State Pension.

It will rise by 3%, whereas average wages have risen by only 2.1%.

This means the Chancellor has to find another £3.5 Billion to fund the increase.

It will be interesting to see how he funds it.



What's the other figure they consider as well, Swim?
I can't remember now.

I remember it is either Inflation or ..? .. whichever is the greatest in September each year?
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17-10-2017, 10:32 PM
22

Re: State Pension to Rise

From the Telegraph:

Today's official inflation figures show prices rose faster in September, at 3pc, than at anytime in the last five years. ... State pension increases are protected by the "triple lock", meaning payments rise by the higher of inflation, as measured by the consumer prices index, earnings growth, or 2.5pc.


I wonder if Hammond will try to stop or reduce the increase in his forthcoming budget?
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17-10-2017, 10:45 PM
23

Re: State Pension to Rise

Excellent news.

So I shall be in receipt of an extra £4.50 a week...
less tax, of course.
Lochsong
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17-10-2017, 11:18 PM
24

Re: State Pension to Rise

Don't spend it all at once
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17-10-2017, 11:26 PM
25

Re: State Pension to Rise

Originally Posted by Lochsong ->
Don't spend it all at once
I certainly will not.

I'm very careful with my money.

That £4.50 will be invested and within a year I shall be a millionaire.
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18-10-2017, 12:32 AM
26

Re: State Pension to Rise

Shades of the Trotters.
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18-10-2017, 12:50 AM
27

Re: State Pension to Rise

Originally Posted by realspeed ->
But will that apply to us who are already on a state pension? there is already an inbalance with new pensioners being entitled to more than existing ones
Just as a matter of interest how does that work?

Here all pensioners get the same amount subject to the same rules (ie means tested) and their pension is tied to a percentage of the average male wage and increased every 6 months in September and March.

There is a possibility that in the future the energy supplement added to compensate for the now deceased carbon tax could be removed from future pensioners but only if the government could get it through the senate however that seems unlikely.

Currently the pension is:

Singles $894.40 per fortnight (~£450) incl $14.10 energy sup
Couples $1,348.40 per fortnight (~£680) incl $21.20 energy sup

The last rise on the 20th Sept was a massive $5.10 pf for singles
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18-10-2017, 03:20 AM
28

Re: State Pension to Rise

The new UK state pension is complicated to explain but this might help give a flavour.

https://www.gov.uk/new-state-pension/how-its-calculated


Your pensions seem much more generous than ours but I don't know whether there's any significant difference in the cost of living in the two countries.
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18-10-2017, 05:21 AM
29

Re: State Pension to Rise

Hi

As the saying goes, you get what you pay for.
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18-10-2017, 06:34 AM
30

Re: State Pension to Rise

How much do Australians contribute for their pension? And for how long?
 
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