My new Tax Code arrived today

And from the details thereon I can work out what my State pension increase will be. I always receive the tax code before the announcement from the DSS.....

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Gordon H
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You're getting shoddy treatment, my family members who get such things as pension increase notices had them more than a week ago..
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Gordon H wrote:

What do you reckon then... 3.9963% ?
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No.... 3.6%
I haven't worked out how much the tax goes up on my company pension as a result, and I don't get the figures on that pension until 30th march. It should be based on the December RPI, with a maximum of 3%.
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Gordon H
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On Thu, 22 Feb 2007 00:34:23 +0000, Gordon H

I make mine 4.916%
x=pension per week today y="your state pension" 2007/8 z=y/365*7=pension per week 2007/8 i=z-x p=i/x*100=4.916
What am I doing wrong?
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Probably nothing. If you were contracted out of SERPS, the government is still, iirc, responsible for paying some part of the index linking. For many people their 'index linked' company pension goes up by less than inflation predicts, and the government provided part goes up faster to compensate.
Your BASIC state pension should have gone up by 3.62% (from 82.45 to 87.3 per week). You also have to watch out for how many weeks there are in the year (52 or 53). Your SERPS pension may well have gone up by some different amount.
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I used the total of my State Pension + SERPS, as follows:
I did: y/13 = monthly pension 2007/8 (For 4 week months)
(y/13 - current monthly pension)/current monthly pension
I got 3.62665%
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Gordon H
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wrote:

Perhaps you have GMP in a company pension, on which the inflation is paid via your state pension.
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Terry Harper
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On Thu, 22 Feb 2007 20:29:50 +0000, Terry Harper

Yes it is.
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It goes up by last September's RPI - or 2.5% if greater (to avoid "peanuts" headlines in tabloids).
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Andy



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