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| State Pension Increase https://mail.paphospeople.com/ppforum/viewtopic.php?f=2&t=34769 |
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| Author: | lowvoltage [ Thu Feb 13, 2020 11:19 pm ] |
| Post subject: | State Pension Increase |
Reading a leaflet I got for my pension forecast which I will draw next January when I am 66 i was surprised to see that as from April 2020 the state pension is going up in line with the Retail Price Index and will do so every year fro there on, the RPI is higher than the CPI which is what most benefits are based upon. I have copied this for all who are in that bracket. Those who are entitled to the Basic State Pension will see an extra £5.04 per week, equating to a total of £134.24. Retirees on the new State Pension can look forward to an extra £6.58 per week, rising from £168.60 per month to a new total of £175.18 from April 2020 Meanwhile, the weekly full rate of the new state pension will increase by £6.60 per week from £168.60 to £175.20 per week. Crunching the numbers, this means that a person who gets the full rate of the new state pension would get an extra £344 a year. The Department for Work and Pensions (DWP) points out that under transitional arrangements for the state pension, not everyone will get the aforementioned amounts. It adds that the new State Pension takes National Insurance records into account, and that some people will receive more and others less than this amount. Hope this makes sense Footnote: I am not sure how this relates to those living in Cyprus now we have left the EU, I should imagine there will be no change as yet. |
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| Author: | migmogs [ Thu Feb 13, 2020 11:46 pm ] |
| Post subject: | Re: State Pension Increase |
Just had information of the new increases through And all okay here in Cyprus |
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| Author: | M.A.D [ Fri Feb 14, 2020 8:11 am ] |
| Post subject: | Re: State Pension Increase |
Lowvoltage quote:- “Footnote: I am not sure how this relates to those living in Cyprus now we have left the EU, I should imagine there will be no change as yet.” From UK Gov website Pensions after 31 January 2020 There will be no changes before 31 December 2020 to the rules on claiming the UK State Pension in the EU, EEA or Switzerland as a result of the UK leaving the EU. You can continue to receive your UK State Pension if you live in the EU, EEA or Switzerland and you can still claim your UK State Pension. If you are living in the EU, EEA or Switzerland by 31 December 2020 you will get your UK State Pension uprated every year for as long as you continue to live there. This will happen even if you start claiming your pension on or after 1 January 2021, as long as you meet the qualifying conditions explained in the https://www.gov.uk/guidance/living-in-cyprus#pensions The rise is thanks to the triple-lock system, which states that the state pension must rise by September’s price inflation, average earnings growth or 2.5% – whichever is higher. |
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