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3% next April - now I know why I retired.

Discussion in 'Retirement' started by applecrumblebumble, Oct 17, 2017.

  1. lindenlea

    lindenlea Star commenter

    Oh dear!

    Much of this forum is one long triumphant cheer and why not. We are getting old, we've done our bit, we worked on very small salaries, we've lived with 15% inflation, 3% of a pension isn't exactly a king's ransom but if you're working look away now - we're pleased.
    thistledoo, Jesmond12, wanet and 5 others like this.
  2. Lara mfl 05

    Lara mfl 05 Star commenter

    And don't forget the 17½ % mortgages during the early 70s.:eek:
  3. baitranger

    baitranger Occasional commenter

    You are not getting anything extra with the annual CPI rise in your Teachers Pension. It is meant to preserve the value of your pension, which of course it doesn't do any more because of the change from RPI, which is a more favourable index.In fact the 3% CPI increase is a real terms cut because current RPI is 3.9%. So I'm not celebrating a 0.9% cut in my pension. When we started out Teachers Pensions payments we were promised increases using RPI.
    Last edited: Oct 26, 2017
  4. ikon66

    ikon66 Occasional commenter

    Anyone know the answer to this please? :(:(
  5. 50sman

    50sman Senior commenter

    If you retire at Christmas and get your pension in January then you should get the pay rise in April along with everyone else - the pay rise is dated from 1st a
    Rio even though it is based on a figure from the previous September
  6. Sundaytrekker

    Sundaytrekker Star commenter

    No. I retired at Christmas last year. I did not get the 1% this April like other retirees. The TPS had a chart showing how much you would get depending on how long you had been retired. Mine was, from memory, something like 0.2%. So no, you won’t get the 3%. The logic is you will have benefitted from any pay rises before you retire up to December 31st. We all know the pay rises have been no more than 1% but that is how it’s worked out.
  7. phatsals

    phatsals Occasional commenter

    I retired in January and got the 1% in April.
  8. Sundaytrekker

    Sundaytrekker Star commenter

    Really? How? I was told you only got the full 1% if you had been retired the whole year. The chart gave the percentage of the 1% for each number of months since retirement.
  9. ikon66

    ikon66 Occasional commenter

    thanks, guess I'll have to wait and see unless anyone else has a definitive answer?

    Could message TPS but probably wont get a reply until after April ;);)
  10. Sundaytrekker

    Sundaytrekker Star commenter

    Try this from the Union website:

    Teachers’ Pension Schemes: 2017 pensions increase HM Treasury has recently published details of the increases that will be applied to public service pensions (including teachers’ pensions) from April 2017, subject to the usual legislation process. It is expected that The Pensions Increase (Review) Order 2017, enacting the increase, will be laid later this month. Public service pensions which have been in payment for a year will be increased by 1.0% from 6 April 2017 in line with the increase in the Consumer Prices Index in the 12 months to September 2016. Those teacher pensioners who have retired on or after 22 April 2016 will receive an increase based upon the number of complete months their teachers’ pension has been in payment. The table below details the appropriate increase that will be applied to teachers’ pension payments made on or after 6 April 2017. Date on which pension commenced Increase % On or before 21 April 2016 1.00% 22 April 2016 to 21 May 2016 0.92% 22 May 2016 to 21 June 2016 0.83% 22 June 2016 to 21 July 2016 0.75% 22 July 2016 to 21 August 2016 0.67% 22 August 2016 to 21 September 2016 0.58% 22 September 2016 to 21 October 2016 0.50% 22 October 2016 to 21 November 2016 0.42% 22 November 2016 to 21 December 2016 0.33% 22 December 2016 to 21 January 2017 0.25% 22 January 2017 to 21 February 2017 0.17% 22 February 2017 to 21 March 2017 0.08% 22 March 2017 onwards No increase

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