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25 Nov 20, 06:58 PM |
#61
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Imagineer
Join Date: Sep 15
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25 Nov 20, 07:18 PM |
#62
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Imagineer
Join Date: May 10
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25 Nov 20, 07:23 PM |
#63
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Imagineer
Join Date: Oct 09
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By inference a private pension is a defined contribution plan
Those affected by todays announcement have a company pension or defined benefit (final salary) Disney332
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26 Nov 20, 01:11 AM |
#64
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Guest
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I think those affected today are private sector defined benefit pensions only. Public sector defined benefit pensions concerted to CPI some time ago.
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26 Nov 20, 08:27 AM |
#65
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VIP Dibber
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Yes. Gideon messed up the public service ones in 2010. I have had 10 years of CPI, rather than RPI already on my police one.
I start collecting my NHS one in 2026. That has also been subject of CPI since 2010 and is now average salary rather than final. I have already been shafted twice by the government, who have effectively reneged on the contracts that I signed with them. I wish that I could just amend a contract in my favour whenever I so wished!
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2005 onwards.. lots of times! Index of all my Trip and Pretrip reports..https://www.thedibb.co.uk/forums/sho...6#post15662196 Edited at 09:06 AM. |
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26 Nov 20, 09:24 AM |
#66
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Imagineer
Join Date: Feb 13
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26 Nov 20, 09:29 AM |
#67
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Imagineer
Join Date: Feb 13
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Is the issue not that older government pensions used the word "Inflation" in their terms as there was no CPI/RPI when they were written. The government then decided that this ambiguous term could be interpreted as CPI which is generally lower. This then formally changed many years ago. Other pensions (like mine) used RPI in the wording and therefor companies were bound by this. I know my company has been to court a few times to try and change this - and failed. So in 2030, my yearly rises will likely be CPIH which is a bit lower than RPI. |
26 Nov 20, 09:33 AM |
#68
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Imagineer
Join Date: Feb 13
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26 Nov 20, 10:39 AM |
#69
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Thread Starter
Imagineer
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I saw this CPI issue on my company FB page. Currently my annual final salary pension increases are based on RPI.
My understanding is this change will mean my annual pension increase will be less ? Am I missing anything that would reduce the pension in addition ? |
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26 Nov 20, 05:09 PM |
#70
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Guest
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Just found a line buried in the spending review paperwork.
The govt will increase the 2021-2022 income tax personal allowance and higher rate threshold in line with the September CPI figure (which was 0.5% I think) . Will also use the CPI fig as the basis for setting all NI limits and thresholds and the rates for class 2 &3 contributions. So slight threshold gain, but nothing as yet about the rates. I suspect that won't be an easing ! So by my calcs PA should go to 12570. Edited at 11:50 AM. |
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