Pension Increase, April 2022

[bill.advanced]

Your Cope estimate seems high, if correct you deduct it from your weekly OAP, but that does not sound correct. I would have thought that was a monthly (4week) figure. Bottom line you won’t get the full OAP (£718.40) every four weeks because you were contracted out in the fire service.

[bill.advanced]

If your figures are correct this is how your pension would be calculated

weekly pension £179.60
Less COPE £88.08
Weekly pension £91.52
4 weekly £366.08

But that is way below the normal pension.

I suspect that the £88.08 is a 4 weekly figure
If so

4 weekly pension £718.40
Less COPE £88.08
Net 4 weekly pension £630.32

[notnarcissus]

https://drive.google.com/drive/folders/1...sp=sharing

[tigger]

Guys, for my own clarity please. What is the pension pay rise from this April ?

[Handy Andy]

3.1%

[pablo]

I know this conversation has cropped up before, but i was looking at my oap forecast on the HMRC website.
It states i will get £179.60 per week,£780.94 a month, £9,371.27 a year, My COPE estimate is£88.08 a week.
Is this COPE figure additional per month on top of my OAP, please excuse my ignorance
Many thanks and Happy New Year to all members

Ben I know I’m a bit late in replying to this regarding your state pension forecast. Just check you didn’t make the same mistake as me and never read the small print. Those forecasts are dependent on you paying NI contributions until your state retirement age. 66 for me.

[art]

Looking ahead to next years increase,with inflation likely to be around 8% by the last quarter of 2022,is there an upper limit on how much of an increase we receive?

[bill.advanced]

Looking ahead to next years increase,with inflation likely to be around 8% by the last quarter of 2022,is there an upper limit on how much of an increase we receive?

Art it’s no more than a game of numbers.
If inflation is running at 8% and you get an 8% rise, you may have more pennies to play with, but they are worth 8% less. This years rise was based on the September figure of 3.1% released in October. But by the time we got the rise inflation was 6.2%.
Also with the triple lock we should have received an 8% rise, but they reneged on that. Don’t for get our rises used to be based on the higher CPI figure, but Cameron and the boy wonder put an end to that.
The answer to your question is no there is no upper limit, but only if those in power play fair.
But let’s give a thought to those still serving, who have a snowflakes chance in hell of getting an 8% rise.

[notnarcissus]

I know this conversation has cropped up before, but i was looking at my oap forecast on the HMRC website.
It states i will get £179.60 per week,£780.94 a month, £9,371.27 a year, My COPE estimate is£88.08 a week.
Is this COPE figure additional per month on top of my OAP, please excuse my ignorance
Many thanks and Happy New Year to all members

It's supposed to be a deduction but it won't apply to those retiring from now on (in reality, from around April 2016)

[Stressed]

Art it’s no more than a game of numbers.
If inflation is running at 8% and you get an 8% rise, you may have more pennies to play with, but they are worth 8% less. This years rise was based on the September figure of 3.1% released in October. But by the time we got the rise inflation was 6.2%.
Also with the triple lock we should have received an 8% rise, but they reneged on that. Don’t for get our rises used to be based on the higher CPI figure, but Cameron and the boy wonder put an end to that.
The answer to your question is no there is no upper limit, but only if those in power play fair.
But let’s give a thought to those still serving, who have a snowflakes chance in hell of getting an 8% rise.

Bill when you talk triple lock, is that just in the state pension?