Welcome, Guest. Please Login
YaBB - Yet another Bulletin Board
  To join this Forum send an email with this exact subject line REQUEST MEMBERSHIP to bbcstaff@gmx.com telling us your connection with the BBC.
  HomeHelpSearchLogin  
 
Page Index Toggle Pages: 1
Send Topic Print
Pension Rise for 2015 (Read 4316 times)
Knocking On
YaBB Newbies
*
Offline



Posts: 37
North of Watford
Gender: male
Pension Rise for 2015
Jan 13th, 2015, 7:58am
 
According to the ONS this morning the RPI rate for December 2014 was 1.6%.
Back to top
 
 
IP Logged
 
chris west
Junior Member
**
Offline



Posts: 71
Spain
Re: Pension Rise for 2015
Reply #1 - Jan 13th, 2015, 10:20am
 
Just taken a look at the ONS website, and discovered something called RPIJ - a lower rate than RPI - and a rather ominous note saying "the RPI has been de-designated as a National Statistic". Leavng aside whether "de-designated" is part of the English language, should we pensioners be concerned?
Back to top
 
 
IP Logged
 
Knocking On
YaBB Newbies
*
Offline



Posts: 37
North of Watford
Gender: male
Re: Pension Rise for 2015
Reply #2 - Jan 13th, 2015, 12:58pm
 
I remember reading somewhere (when RPI was replaced by CPI for indexing) under Section 67 of the Pension Act 1995 a scheme had a duty to protect a members accrued right from the effect of detrimental modifications to the scheme.

Obviously this means pensions accruing and deferred pensions as these would grow at a lesser rate if the scheme changed from RPI to CPI, and this would be a detriment to the member.

This of course does not cover US as pensioners, albeit the way I see it if the BBC changed the index to CPI then this too would be a detriment to the members. That's if we are still regarded as members of the scheme while we draw a pension I should imagin we are.

We can only look at the fact that CPI took over from RPI in 2010 and I'm sure if the BBC scheme could have changed they may have done so before now.....particularly as there has been/is a deficeit during this period.

Back to top
 
 
IP Logged
 
chris west
Junior Member
**
Offline



Posts: 71
Spain
Re: Pension Rise for 2015
Reply #3 - Jan 13th, 2015, 5:28pm
 
What concerns me is not the CPI, I think the law says our pensions have to be increased by the RPI. But what is this RPI - J ? It's a new one on me. I sense skullduggery.
Back to top
 
 
IP Logged
 
Knocking On
YaBB Newbies
*
Offline



Posts: 37
North of Watford
Gender: male
Re: Pension Rise for 2015
Reply #4 - Jan 13th, 2015, 7:09pm
 
I see where you are coming from,but like you say it would need a change of law for the scheme to change the index it uses. Therefore it would be the same requirement if it wanted to change to RPI - J I would of thought.  

We can only sit and watch unfortunately.

As an aside......your name seems familiar to me....we're you at Ealing studios in the late 70's?

Cheers
Back to top
 
 
IP Logged
 
Administrator
YaBB Administrator
*****
Offline



Posts: 2793

Re: Pension Rise for 2015
Reply #5 - Jan 14th, 2015, 7:45am
 
I have been in contact with Pensions Department regarding the BBC Pension Increase for 2015.

Here is their reply:-

"BBC Pensions are increased by the RPI for the December in the preceding year.  RPI for December 2014 was 1.6%.

However, the Trustees have not met to discuss what increase will be applied and no official announcement will be made until at least February/March 2015."



Admin.


Back to top
 

The Administrator.
 
IP Logged
 
John
Junior Member
**
Offline


I Love YaBB 2!
Posts: 50

Re: Pension Rise for 2015
Reply #6 - Jan 14th, 2015, 9:21am
 
Thanks Admin for inquiring, nice to know what is happening.

John
Back to top
 
 
IP Logged
 
Knocking On
YaBB Newbies
*
Offline



Posts: 37
North of Watford
Gender: male
Re: Pension Rise for 2015
Reply #7 - Jan 14th, 2015, 2:04pm
 
Administrator wrote on Jan 14th, 2015, 7:45am:
I have been in contact with Pensions Department regarding the BBC Pension Increase for 2015.

Here is their reply:-

"BBC Pensions are increased by the RPI for the December in the preceding year.  RPI for December 2014 was 1.6%.

However, the Trustees have not met to discuss what increase will be applied and no official announcement will be made until at least February/March 2015."



Admin.




Thanks Admin.

I take it then that this year is no different to others, in that the Trustees are meeting to decide what level the increase will be.

I knew that the Trustees have descretion as to whether to award an increase in the situation of 0 or negative inflation, or indeed if inflation rose above 5% New Benefits and 10% Old Benefits.

Both handbooks for Old and New state that the Trustees award an annual increase of (the lesser of) RPI or 5%/10% respectively.

Now we know that the Trustees meet to decide granting any increase, does this mean in line with the handbooks that if the RPI figure is between 0 and 5/10% then the meeting is a "rubber stamp" operation?

If it isn't and the Trustees can award ANY figure between 0 and 5/10% of their choice this now makes the fact that the Old and New Benefits sections of the Scheme are "tied" to RPI irrelevant.  In effect the Trustees can circumnavigate that fact and agree an award which is "coincidentally" the same as Decembers CPI.

This isn't sour grapes by the way..... as it's understandable that there are all most certainly more pensioners under the Old and New Benefits section of the scheme at the moment as opposed to Career Average. That balance will change over the next 10/15 years.

If the future of the scheme is to be protected (meaning we all still get a pension) and the only way is that the Trustees can decide the annual award (instead of using an independent index) well it would be understandable.

Some clarification from BBC Pensions on how things are done would be good because what Admin has found out today seems different to what the handbooks say.

Back to top
 
 
IP Logged
 
WG
Full Member
***
Offline



Posts: 245
Hitchin
Gender: male
Re: Pension Rise for 2015
Reply #8 - Jan 20th, 2015, 4:39pm
 
It will be 1.6% just you see!.
I would be even happier if my gas/electric came down, as did council tax, insurances, telephone line, car bills etc-not forgetting petrol itself continuing to decline at the rate is has done since xmas(103p a litre was spotted today!!!).
Back to top
 

Mr Playlist
 
IP Logged
 
Page Index Toggle Pages: 1
Send Topic Print