Forum for former BBC staff

Forum for former BBC staff
http://www.ex-bbc.net/cgi-bin/yabb/YaBB.pl >> Pensions >> 2023 Pension question http://www.ex-bbc.net/cgi-bin/yabb/YaBB.pl?num=1674041478 Message started by V Meldrew on Jan 18^th, 2023, 11:32am

Title: 2023 Pension question
Post by V Meldrew on Jan 18^th, 2023, 11:32am

With the RPI for December 2022 just announced as 13.4%, does anyone know if there is any precedent for the pension trustees agreeing to go above the 10% for Old Scheme Members and 5% for New Scheme Members?

Just hopeful, I suppose!

Title: Re: 2023 Pension question
Post by Peter_Dif on Jan 18^th, 2023, 7:00pm

Well looking back at RPI figures it looks like the last time the trustees were asked to consider this was back in 1982 when Decembers inflation was 12% so it is quite a rare occurrence . I do think the trustees should pay the full 13.4% RPI rate simply because RPI ends in 2030 that’s just 6 more RPI increases before it’s gone for good, if it’s replaced by CPI which is always lower pensioners will lose out .As gesture of good will it would seem appropriate to pay the full rate with that in mind.

Title: Re: 2023 Pension question
Post by JohnW on Jan 18^th, 2023, 8:14pm

I'm sure I should know the answer to this question better ... but is December really the month on which the pension increase is gauged?
Something in my water tells me it's September - but then my water's never been that reliable!! ;D

Don't get me wrong, I feel that we need the best deal we can get (to combat the current inflationary situation) so if it is December, then bring it on! September's rate was rather lower (RPI was around 8%, ISTR) which is still a decent increase, at least for those who earned the big bucks back in the day! Perhaps I'll ring Cardiff and see what they can tell me.

Title: Re: 2023 Pension question
Post by DMCP on Jan 19^th, 2023, 8:23am

I believe September inflation is the month that decides the State Pension, whilst December is definitely when the BBC Pension is calculated.

Title: Re: 2023 Pension question
Post by Delboy on Jan 19^th, 2023, 12:36pm

Yes, it's December, as confirmed on the pensions website here:
https://www.bbc.com/mypension/pensioners/pension-increases/

Title: Re: 2023 Pension question
Post by V Meldrew on Jan 20^th, 2023, 9:59am

Thank you for the link. I have read it and it does say that the BBC can ask the Trustees to approve going beyond the 10%. Let's hope?

Title: Re: 2023 Pension question
Post by WG on Feb 3^rd, 2023, 3:21pm

At the 23/11 webinar Pension Liaison meeting, the Pensions speaker indicated that the pension increase for April 2023 was likely to be 10%. He then said that further information would follow re the possibility of that 10% being raised. No timetable given, otherwise I would have remembered it, but I guess it’s safe to assume before the new rates ,now certain at 10% (but fingers crossed a little higher) will be applied.
If not-then I would certainly expect a statement from Pensions or perhaps an individual letter explaining all and everything.

Title: Re: 2023 Pension question
Post by WG on Feb 6^th, 2023, 10:12pm

The statements I referred to re the additional increase are in the latest Prospero I received today….

Title: Re: 2023 Pension question
Post by Delboy on Feb 7^th, 2023, 12:39am

Read it in the online version here:
http://downloads.bbc.co.uk/mypension/en/prospero_feb_2023.pdf

Title: Re: 2023 Pension question
Post by Peter Difolco on Feb 15^th, 2023, 11:26am

I have just watched the pension liaison meeting from November 23rd on the pension website, what I found interesting is that from 2030 when RPI is no longer in use it will be replaced by CPIH I had assumed it would CPI the point being today (15/2/23) CPI rate is 10.2% where as CPIH is 8.8% ! .
It seems that future pension increases after 2030 will be even lower, future pensioners are bound to lose out and the only winner will be the scheme’s coffers. So I ask the question what are the trustees going to do to protect pensioners because of these changes ? they should not just wash their hands of it by saying it’s not our decision it’s the government .

Title: Re: 2023 Pension question
Post by WG on Mar 15^th, 2023, 8:26am

Any day now I hope-they’ve had weeks to discuss it!

Title: Re: 2023 Pension question
Post by Peter Difolco on Mar 16^th, 2023, 10:14am

Yes perhaps I could just remind them that food inflation was running at nearly 17% in January !

Title: Re: 2023 Pension question
Post by V Meldrew on Mar 16^th, 2023, 5:20pm

I called the Pensions Centre this morning and they told me nothing had been decided yet.

Title: Re: 2023 Pension question
Post by WG on Mar 28^th, 2023, 7:56am

“Nothing has been decided” means just that until it IS decided

Title: Re: 2023 Pension question
Post by Peter Difolco on Mar 31^st, 2023, 3:16pm

Although there is no announcement on pension rise yet, if you log into my pension you can see next month’s (April) amount. It seems the percentage is higher than the minimum.

Title: Re: 2023 Pension question
Post by V Meldrew on Mar 31^st, 2023, 3:47pm

Do you mean higher than the maximum? I hope it is higher than the minimum!

Don't forget the amount in April is higher than normal due to an element of backdating. I have seen my payslip online and it seems about 10% plus the backdating.

It might be interesting to see if those on the New Benefits Scheme which is limited to 5% increase, do get a discretionary payment above the 5%.

Title: Re: 2023 Pension question
Post by V Meldrew on Apr 3^rd, 2023, 8:44am

The pension increases for this year can be found here:

https://www.bbc.co.uk/mypension/news/220227/

Title: Re: 2023 Pension question
Post by Dickie Mint on Apr 3^rd, 2023, 12:09pm

So it's the 10%, the maximum the scheme pays without special consideration! Not the 10.8% RPI of December 2022.

The weirdest thing just happened! I saw my April 23 payslip with the increase, which has now disappeared! It was on the 16 March click on link! Luckily I saved it off as a pdf as proof.

They must be updating ready for the April payslips and out it up too early and on the wrong paydate?

Incidentally, how are pensions paid? Is it two weeks in advance and two weeks in arrears like pay used to be?

Title: Re: 2023 Pension question
Post by WG on Apr 3^rd, 2023, 5:27pm

Really?-I can’t make it higher than 10%….hope I’m wrong!

Title: Re: 2023 Pension question
Post by DMCP on Apr 3^rd, 2023, 5:56pm

In fact some of us are getting approximately the 10.8% increase! :)

"If you joined the Scheme before 1 April 1992, increases are calculated on your annual pension, even though you may have commuted part of it for cash."

Title: Re: 2023 Pension question
Post by Delboy on Apr 4^th, 2023, 8:37am

As mentioned in an earlier post, your new pension amount will become clearer in May's payment.
April's pay-out is higher than normal as there's a 2 week adjustment included.
The period from April 1st to 15th was covered by March's payment & was at the 2022 rate, hence the top-up to the new rate.

Title: Re: 2023 Pension question
Post by Dickie Mint on Apr 4^th, 2023, 9:02am

From V Meldrew's post

Quote:

Old Benefits: 10% (based on RPI for December 2022 or 10%, whichever is the lower)

The operative words are "whichever is the lower". And, from the news article on the BBCPA website, RPI was 13.4%, so 10% is the lower.

And, from my payslips and info on 'my pension', it does indeed work out to be 10% for 23/24.

So why can't the BBC pension people state it clearly? Not even an email.

Title: Re: 2023 Pension question
Post by WG on Apr 4^th, 2023, 9:23pm

Sadly-it is 10%. No explanation as to what steps Cardiff took to raise further.
And how ridiculous to announce this figure so late in the day. The State Pension rise for April was part of the Autumn Statement in November-so why gatekeep the 16/1 BBC RPI decision until 1/4. Insensitive bad manners Cardiff. Wakey Wakey!

Title: Re: 2023 Pension question
Post by DMCP on Apr 5^th, 2023, 12:34pm

I was once told by a very wise senior manager that "Information is Power".

If those above us know something and can keep it to themselves, it gives them an advantage over us "ordinary" people.

For example, why is the 3 yearly audit presented to the Trustees before the rest of us can see it?

It's going to be published eventually, so why can't we see it straightaway?

Title: Re: 2023 Pension question
Post by Dickie Mint on Apr 17^th, 2023, 8:32am

And on 17th April I get my increase notification! 10% confirmed.

I assume they're saving time and money (and the planet) by combining the increase announcement with the P60!