Please explain

[Wullie10]

Can anyone explain this ?
For arguments sake. You get your 60 pension on your 1st October 60th birthday. On 1st April next year there is a 5% pay rise but you only get 2.5% has you've only had the pension for 6 months. On the next 1st October do you then receive the rest of the 2.5% rise. As you've completed one whole year. It seems unfair if you don't.

[Wullie10]

Can anyone explain this ?
For arguments sake. You get your 60 pension on your 1st October 60th birthday. On 1st April next year there is a 5% pay rise but you get 2.5% has you've only had the pension for 6 months. On the next 1st October do you then receive the rest of the 2.5% rise. As you've completed one whole year. It seems unfair if you don't.

[RobertT]

It's pro rata.

You only get half the increase because you've only been receiving it for half a year.

You'll get the full percentage increase the following April and every year from then on.

I can understand what you're saying, but ultimately that's the rules of the scheme.

[freespeech]

It's pro rata.

You only get half the increase because you've only been receiving it for half a year.

You'll get the full percentage increase the following April and every year from then on.

I can understand what you're saying, but ultimately that's the rules of the scheme.

I don't follow that.........if we take a scenario where someone starts their pension at exactly the six month point then even applying the full % they would only get half the annual increase as they have only had 6 months pension. If the actual % is halved then they would also lose the increase from the date due. If they are the rules then I get that but the explanation cannot be "because you've only been receiving it for half a year".

It's like a pay rise......everyone gets it from the agreed date. If you leave early you don't owe anything on the basis that you haven''t done a full year. Applying % increases deal with that surely.

[Wullie10]

And so still using that example. In April you would receive the other 2.5%. But say in April.the next raise is 2% . So in theory you should get 2.5% plus 2% ?

[RobertT]

It's like a pay rise......everyone gets it from the agreed date. If you leave early you don't owe anything on the basis that you haven''t done a full year. Applying % increases deal with that surely.

I agree. But based on posts I've read on here they don't do it that way.

I'm more than happy to be told I'm wrong!

Perhaps someone who's taken their pension can confirm?

[spaceman07]

I'm already receiving my pension have been for a couple of years. Is that what the rise will be in April 5%?

[Wullie10]

I'm already receiving my pension have been for a couple of years. Is that what the rise will be in April 5%?

No i was using that as a simple math example. I think someone said next years pension rise is 2.7%

[SeanMc]

1.7 % A/B. 2.7 % C