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2023 Pension question (Read 5188 times)
V Meldrew
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2023 Pension question
Jan 18th, 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!
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Peter Difolco
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Re: 2023 Pension question
Reply #1 - Jan 18th, 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 thatís just 6 more RPI increases before itís gone for good, if itís 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.
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JohnW
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Re: 2023 Pension question
Reply #2 - Jan 18th, 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!!  Grin

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.
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DMCP
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Re: 2023 Pension question
Reply #3 - Jan 19th, 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.
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Delboy
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Re: 2023 Pension question
Reply #4 - Jan 19th, 2023, 12:36pm
 
Yes, it's December, as confirmed on the pensions website here:
https://www.bbc.com/mypension/pensioners/pension-increases/
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V Meldrew
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Re: 2023 Pension question
Reply #5 - Jan 20th, 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?
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WG
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Re: 2023 Pension question
Reply #6 - Feb 3rd, 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 itís 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.
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Mr Playlist
 
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WG
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Re: 2023 Pension question
Reply #7 - Feb 6th, 2023, 10:12pm
 
The statements I referred to  re the additional increase are in the latest Prospero I received todayÖ.
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Mr Playlist
 
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Delboy
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Re: 2023 Pension question
Reply #8 - Feb 7th, 2023, 12:39am
 
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Peter Difolco
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Re: 2023 Pension question
Reply #9 - Feb 15th, 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 schemeís 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 itís not our decision itís the government .
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WG
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Re: 2023 Pension question
Reply #10 - Mar 15th, 2023, 8:26am
 
Any day now I hope-theyíve had weeks to discuss it!
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Mr Playlist
 
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Peter Difolco
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Re: 2023 Pension question
Reply #11 - Mar 16th, 2023, 10:14am
 
Yes perhaps I could just remind them that food inflation was running at nearly 17% in January !
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V Meldrew
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Re: 2023 Pension question
Reply #12 - Mar 16th, 2023, 5:20pm
 
I called the Pensions Centre this morning and they told me nothing had been decided yet.
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WG
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Re: 2023 Pension question
Reply #13 - Mar 28th, 2023, 7:56am
 
ďNothing has been decidedĒ means just that until it IS decided
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Mr Playlist
 
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Peter Difolco
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Re: 2023 Pension question
Reply #14 - Mar 31st, 2023, 3:16pm
 
Although there is no announcement on pension rise yet,  if you log into my pension you can see next monthís (April) amount. It seems the percentage is higher than the minimum.
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