pay rise lump sum

[rogerzilla]

Most private pension rises,whether linked to CPI or RPI, are capped. Typically the cap is at 2.5% or 3% these days. That's a big hit when inflation is over 10%.

 

[davidphilips]

Most private pension rises,whether linked to CPI or RPI, are capped. Typically the cap is at 2.5% or 3% these days. That's a big hit when inflation is over 10%.

That is terrible, seems that the average person is condemmed to skimping not only when working and paying tax but even when retired, so much for working hard and looking forward to retirement.
Always remember my grandad when he got to 60 (he was a mechanic in the PO) he got his full pay easy jobs in over time his PO pension and a lump sum, at 65 retired with half pay from the PO and his old age pension and never had as much money.
Now it seems like work to 67 and get a pittance and make do with less and less every year? Good news retirement age will keep going up so just look forward to working until you drop.

 

[rogerzilla]

Pensions have been watered down to give firms bigger profits. They were happy enough to take contribution holidays in the good times.

We will probably never see another generation of retirees as rich as the current one.

 

[Electric_Andy]

NHS here; we;ve just had it confirmed that we'll get the 5% payrise, back-dated from April. We also get a lump sum (I think dependant on your pay?) which should all come in June's pay packet. I am pleased; we had one payrise a few years ago something like 1.5%. Still not keeping up with inflation but beggars can't be choosers. I think also that after tax and increased pension etc, I'll be lucky to see an extra £50/month. But I am luckier than most it seems.

 

[DCLane]

@Electric_Andy - SWMBO's is the same. As she's on two bands due to doing three part-time roles combined* we'll wait to see what that results in.

* Seems odd, is odd, but it sort-of works for her even if she is ridiculously busy. She's a specialist Stroke & Neurology/Mental Health Dietitian in one hospital for two of the roles, then a Catering Dietitian for the whole trust across three hospitals in the other role. The latter is the higher grade band.

 

[midlife]

@Electric_Andy - SWMBO's is the same. As she's on two bands due to doing three part-time roles combined* we'll wait to see what that results in.

* Seems odd, is odd, but it sort-of works for her even if she is ridiculously busy. She's a specialist Stroke & Neurology/Mental Health Dietitian in one hospital for two of the roles, then a Catering Dietitian for the whole trust across three hospitals in the other role. The latter is the higher grade band.

There are some obscure rules about Agenda for Change pay bands and how much less you can be paid below the highest band you are on. Pay substantivity rings a bell but could be wrong. Might be worth checking with finance to check correct pay for the lower band.

 

[Buck]

Sorry, I might be confused (as usual) The government chose the lowest between CPI and RPI as a measure of inflation to reduce pensions to save money. The pension increases used to be set at the higher of the two indices.

Its CPI plus 1.5% so we do better than most public bodies.