Join for free
Omah's Avatar
Omah
Chatterbox
Omah is offline
Ludlow
Joined: Feb 2014
Posts: 10,147
Omah is male  Omah has posted at least 25 times and has been a member for 3 months or more 
 
08-10-2018, 03:42 PM
1

What will the state pension be in 2019?

https://www.which.co.uk/news/2018/09...s_Money_011018

The Autumn Budget will take place on 29 October but pensioners won’t have to wait another month to discover what kind of pay rise they’ll get on their state pension next year – as the amount it will increase by will be revealed on 17 October.

On that day, the Office for National Statistics (ONS) will announce the rate of inflation, measured by the consumer prices index (CPI), for the month of September, which will directly affect how much state pension you’ll get next year.

CPI measures the prices of roughly 700 everyday goods and services and records whether the prices rise or fall compared with the cost of those goods in the same month of the previous year.

The September CPI figure is closely watched as a number of benefits, including the state pension, are increased in line with it in order to keep up with the cost of living.

The current state pension is protected by something called a ‘triple lock’ guarantee. It applies to both the single-tier state pension, introduced after April 2016, and the basic state pension pre-April 2016.

This means that the state pension increases every year by whichever of the following three figures is the highest inflation, average earnings growth or 2.5%.

Inflation and earnings change all the time, so the government selects the rate from a particular month in the year to increase the state pension.

For inflation, it is the rate of change in CPI from the September of the year prior to the state pension being increased. So, for example, when the state pension was increased by 2.7% in April 2014, that was the rate of inflation in September 2013.

For earnings, it is the rate of change in the three-month average of weekly earnings from the July of the year prior to the state pension being increased.

This means that if September’s level inflation stays in line with August’s rate of 2.7%, the state pension will rise by that amount as it’s higher than July’s average earnings growth figiure of 2.6%.

The minimum pay rise you can expect is 2.5%. This means that:
  • The basic state pension (currently £125.95) will be at least £129.10 a week, an extra £164 a year
  • The new state pension (currently £164.35) will be at least £168.45 a week, an extra £213 a year.
That's TWO bottles of beer a week .....
Omah's Avatar
Omah
Chatterbox
Omah is offline
Ludlow
Joined: Feb 2014
Posts: 10,147
Omah is male  Omah has posted at least 25 times and has been a member for 3 months or more 
 
22-10-2018, 06:44 PM
2

Re: What will the state pension be in 2019?

How much will the state pension pay in 2019?


https://www.which.co.uk/news/2018/10...-year-in-2019/

Pensioners who are entitled to the full new single-tier state pension will see their payments increase £4.25 per week, taking the weekly payment from £164.35 to £168.60 from 6 April 2019.

The change means this group of pensioners will be £221 better off by the end of the 2019/20 tax year, with total annual income boosted from £8,546.20 to £8,767.20 a year.

Those who receive the basic state pension will get a boost of £3.25 per week, with the state pension rising from £125.95 to £129.20 per week from 6 April 2019. This change will give this group of pensioners a £169 boost in 2019/20, with total annual income rising from £6,549.40 to £6,718.40 a year.
I want it all and I want it now .....
TessA
Official Poinker
TessA is offline
UK
Joined: Apr 2013
Posts: 21,857
TessA is female  TessA has posted at least 25 times and has been a member for 3 months or more 
 
22-10-2018, 06:57 PM
3

Re: What will the state pension be in 2019?

Well, if they don't move the women's pension age again, I'll be grateful for it!
realspeed
Chatterbox
realspeed is offline
South coast
Joined: Sep 2014
Posts: 12,931
realspeed is male  realspeed has posted at least 25 times and has been a member for 3 months or more 
 
22-10-2018, 07:01 PM
4

Re: What will the state pension be in 2019?

why have 2 different state pension amounts? Seems unfair to me
swimfeeders
Chatterbox
swimfeeders is offline
Shropshire
Joined: Oct 2014
Posts: 24,056
swimfeeders is male  swimfeeders has posted at least 25 times and has been a member for 3 months or more 
 
22-10-2018, 07:02 PM
5

Re: What will the state pension be in 2019?

Hi

I can see the triple lock going, we are having to borrow to pay it.
d00d's Avatar
d00d
Chatterbox
d00d is offline
London, UK
Joined: Jul 2018
Posts: 7,525
d00d is male  d00d has posted at least 25 times and has been a member for 3 months or more 
 
22-10-2018, 07:06 PM
6

Re: What will the state pension be in 2019?

2% ... but things have gone up by 20%

I'm voting Labour next time.
TessA
Official Poinker
TessA is offline
UK
Joined: Apr 2013
Posts: 21,857
TessA is female  TessA has posted at least 25 times and has been a member for 3 months or more 
 
22-10-2018, 07:40 PM
7

Re: What will the state pension be in 2019?

I'm going to vote Monster Raving Loony next time! Although, nothing will change much if they got in!
 

Thread Tools


© Copyright 2009, Over50sForum   Contact Us | Over 50s Forum! | Archive | Privacy Statement | Terms of Use | Top

Powered by vBulletin Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.