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Strange increase in pension for this month's statement.

Discussion in 'Retirement' started by yodaami2, Mar 1, 2019.

  1. Brianthedog

    Brianthedog Occasional commenter

    Mine is exactly the same! Except I'm going on 31st March. And I'm most certainly still in service
  2. Braindead101

    Braindead101 New commenter

    I hope that I don't need to query them about whether I'm entitled to a death in service grant...
  3. richest1

    richest1 Occasional commenter

    My statement is correct ie date of issue and date of calculation March 3 rd 2019. I also got a £460 upgrade.
  4. richest1

    richest1 Occasional commenter

    Out of Interest on this matter, I had cause to ring them today on another matter and I asked about this increase, and the TP advisor was adamant that that CPI extra would not be added until April.

    I asked him why many had received a larger than normal uplift, but he couldn't answer.

  5. Jamvic

    Jamvic Star commenter

    Can’t check anything out online for a few days.

  6. Dorsetdreams

    Dorsetdreams Occasional commenter

    I've just received, by post, my 'revised salary details' - i.e. my inflation adjusted salary going back 10 years.

    It is weird.

    (1) there is a jump of 7.8% between to adjacent figures in 2011, at a time when my actual salary did not change. I don't think that any rpi/cpi calculation should cause that.

    (2) some of the salary dates (around that period) overlap. This doesn't happen anywhere else in the long list of salaries and dates.

    I'm seriously wondering if they have a computer problem.
    richest1 likes this.
  7. richest1

    richest1 Occasional commenter

    If they look again I hope it doesnt revise salary figure down.
  8. PeterQuint

    PeterQuint Lead commenter

    Okay, I'm confused.

    I thought my pension benefit statement would be updated twice a month, once at the start of the month (the 1st?) when inflationary calculations are added, and once when last month's salary was added.

    I last downloaded my statement on 6th March. It'd been updated on I think the 1st, with a big inflationary jump (see earlier in the thread), and again on the 6th when my salary for February was added.

    I've just checked, and it's gone up again between 6th and 19th (today).

    My final salary pension & average salary haven't moved. But my total pension has gone up due to an increase in my average salary pension by around £9.

    Not a massive amount, but if that £9 in 13 days is calculated at a daily rate, then 9 divided by 13 = £0.69 x 365 days = £252 a year. If that were to continue it's an extra £1,000 a year on my pension in 4 years.

    I think I need to check in every day to see how often it's updating.

    Anyone else noticed any mid-month increases/changes? Does this always happen?
  9. richest1

    richest1 Occasional commenter

    The whole situation of this and how the thing works is a mystery, try and ask the TP on the phone and their script tells them to tell you nothing.
    PeterQuint likes this.
  10. PeterQuint

    PeterQuint Lead commenter

    Downloaded a new statement this morning. No change from Tuesday.
  11. richest1

    richest1 Occasional commenter

    I can't get latest statement from today as I applied for my pension 31 .08.19. So they block access.
  12. MadHatter1985

    MadHatter1985 New commenter

    I have just logged onto TP, and now my career average has gone down by 100 pounds (after having increased by 350 at the start of the month), and there was a small increase to my final salary pension. I've no clue what is going on. Perhaps a glitch?
  13. richest1

    richest1 Occasional commenter

    Not have access again to the latest benefit statement , they have done the calcs with data from my employer up to 31st August.

    So this should be my final figure I guess.
  14. richest1

    richest1 Occasional commenter

    My pension claim has been stuck on 20% for a week now as seen on task tracker, is that normal? TP have info from my employer.
  15. Brianthedog

    Brianthedog Occasional commenter

    Mine was in 20% for weeks, then went up to 60% for 2 weeks then disappeared completely on Tuesday. However, on Wednesday (this week) I had an email telling me there was a message on TPS and lol and behold in all it's glory were a couple of documents to download with the precise details of my pension! I will receive my lump sum on 1st April and my pension on 6th of every month. Whoop!
    My task tracker has gone back down to 20% now, but I'm not worried, I've got written confirmation of my pension.
    richest1 likes this.
  16. richest1

    richest1 Occasional commenter

    Great news for you, well done and enjoy your well earned retirement.
  17. PeterQuint

    PeterQuint Lead commenter

    More confused.

    I've checked my benefit statement today and there's been no inflationary change to either the FS or AS salary since 6th March. A well, time will tell.
  18. richest1

    richest1 Occasional commenter

    Maybe that earlier March uplift was the inflationary uplift.
    PeterQuint likes this.
  19. PeterQuint

    PeterQuint Lead commenter

    Could be.

    I suppose we’ll find out over the coming days.

    I always presumed the inflationary changes happened in the 1st of the month, but I may well have guessed incorrectly.
  20. PeterQuint

    PeterQuint Lead commenter

    Well, that’ll teach me for not looking closely enough.

    The inflationary increase did go through at the same time as my salary was updated. So why didn’t I spot it? The old Final Salary figure was £XX,853.22. The new one was £XX,853.62.

    I didn’t see the extra £0.40. :(

    Still, going up, even by £0.40, is better than down.

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