Body & Soul0 min ago
Rise In Basic Pensions.
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What does everyone think of the rise in basic pension that comes into action from the 6th of april 2020?
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Any increase is welcome at the moment. I know food prices have gone up but overall people seem to be spending less on going out, holidays, days a out, clothes shopping, so I think those with a guaranteed income may feel a bit better off. Those furloughed at 80% of pay or who have lost their jobs or businesses will be worse off than before.
If you live abroad (apart from the EU and a couple of ther countries) your pension does not go up at all. People that retired abroad have paid just the same amount of National Insurance throughout their working life but their pension remains static until they die or return to the UK. Doesn't seem fair!
Wow. That is good. Must be reflcecting the increase in wages- presumably calculated pre Covid.
My works pension is going up 2.2% in line with RPI which is okay. 75% of my zero hours contract work has been furloughed so is to fall by 20% but as I don't have to travel each day or prepare any work I don't mind. The other 25% of my income will disappear as the employer doesn't seem interested in furloughing. Interesting times financially.
My works pension is going up 2.2% in line with RPI which is okay. 75% of my zero hours contract work has been furloughed so is to fall by 20% but as I don't have to travel each day or prepare any work I don't mind. The other 25% of my income will disappear as the employer doesn't seem interested in furloughing. Interesting times financially.
//Normally happens in September doesn't it? //
No it doesn't. The increase is announced in the autumn (it's based on September's inflation/earnings figures) but is paid in April. More than that it is not paid from the beginning in April but halfway through the month. For some reason known only to a handful of clever people, the DWP cannot cope with paying recipients once every calendar month (like just about every organisation that I know of). Instead it pays pensions on a weekly basis, making payments every four weeks (so 13 times a year) instead of each calendar month. The increases usually come into effect round about the 14th April, so April's pensions are paid on the basis of two weeks at the old rate and two weeks at the new rate (just to make it more fun to calculate, I imagine).
No it doesn't. The increase is announced in the autumn (it's based on September's inflation/earnings figures) but is paid in April. More than that it is not paid from the beginning in April but halfway through the month. For some reason known only to a handful of clever people, the DWP cannot cope with paying recipients once every calendar month (like just about every organisation that I know of). Instead it pays pensions on a weekly basis, making payments every four weeks (so 13 times a year) instead of each calendar month. The increases usually come into effect round about the 14th April, so April's pensions are paid on the basis of two weeks at the old rate and two weeks at the new rate (just to make it more fun to calculate, I imagine).
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