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The BBC's planned Pension Increase Exchange (PIE) (Read 61639 times)
Fay_Y
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Re: The BBC's planned Pension Increase Exchange (PIE)
Reply #30 - Jan 25th, 2023, 12:38pm
 
Hi, it wasnít such a disaster for some people, to be fair. I only gave up a very small proportion of my pension for the PIE and it has given me around £1200-1500 per annum in extra payments ever since. The annual increase still applies in full to most of my pension - for which I am extremely grateful!
I am an Old Benefits member.
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david en france
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Re: The BBC's planned Pension Increase Exchange (PIE)
Reply #31 - Jan 25th, 2023, 8:24pm
 
I have no regrets. When I was "Burstner55" I added my thoughts to the debate (see previous pages)  and went through the acceptance procedure without a hitch. I started receiving a pension in 1994 after 21 years service (albeit very reluctantly...thank you Mr Birt) . I was self employed until 2008. My BBC pension wasn't great but adequate. However by 2016 my wife and I had enjoyed a very active retirement with a motorhome, touring the warmer parts of Europe, and the extra cash provided by PIE was very welcome. I knew that by the time I was in my eighties that I would be starting to travel less and with the uninvited guest Covid as a spur, that has been the case.
Yes, I can see that an inflation rate of 10% plus has altered the scenario, but let's not forget that for six years after PIE the inflation rate was very much less. In that time I have received around £20k that has helped me
enjoy life and pay off the small mortgage we had.  I am coming up to 81, have had a cancer which might recur and my health is not what it was.
We gave up the motorhome in 2018 just ahead of Covid (alas! Cos it would have been worth much more) but nothing has changed my view that....for me...PIE was worthwhile. If I get to live another ten years I might think otherwise but somehow I doubt that situation is going to arise.
Just to add, I have re-joined the Forum after a few years absence because it seemed to me to be moribund.  I find so much to talk about regarding our former employer I do hope that we can generate that old feeling of caring very much about the organisation we were so proud to serve. The landscape is changing far too quickly for me.
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david en france
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Re: The BBC's planned Pension Increase Exchange (PIE)
Reply #32 - Jan 25th, 2023, 8:26pm
 
I have no regrets. When I was "Burstner55" I added my thoughts to the debate (see previous pages)  and went through the acceptance procedure without a hitch. I started receiving a pension in 1994 after 21 years service (albeit very reluctantly...thank you Mr Birt) . I was self employed until 2008. My BBC pension wasn't great but adequate. However by 2016 my wife and I had enjoyed a very active retirement with a motorhome, touring the warmer parts of Europe, and the extra cash provided by PIE was very welcome. I knew that by the time I was in my eighties that I would be starting to travel less and with the uninvited guest Covid as a spur, that has been the case.
Yes, I can see that an inflation rate of 10% plus has altered the scenario, but let's not forget that for six years after PIE the inflation rate was very much less. In that time I have received around £20k that has helped me
enjoy life and pay off the small mortgage we had.  I am coming up to 81, have had a cancer which might recur and my health is not what it was.
We gave up the motorhome in 2018 just ahead of Covid (alas! Cos it would have been worth much more) but nothing has changed my view that....for me...PIE was worthwhile. If I get to live another ten years I might think otherwise but somehow I doubt that situation is going to arise.
Just to add, I have re-joined the Forum after a few years absence because it seemed to me to be moribund.  I find so much to talk about regarding our former employer I do hope that we can generate that old feeling of caring very much about the organisation we were so proud to serve. The landscape is changing far too quickly for me
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tigermaul
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Re: The BBC's planned Pension Increase Exchange (PIE)
Reply #33 - Mar 18th, 2023, 10:35am
 
I did PIE and donít regret it IF the terms continued as advertised. My logic was that RPI is historically higher than CPI therefore if we always get RPI increases I could afford to transfer a portion of the pension (I think about 10% from memory) to PIE, and still get the approximate equivalent of a CPI increase each year. However, since then weíre told that from 2030 RPI wonít be used but CPIH. So I suspect there might potentially be a case of misselling here. If there was a chance of compensation, it might be worth pursuing. I suspect there isnít. I think I still should get a 9% uplift this year, compared to 10% for others, but will see next month.
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