Forum for former BBC staff - 2023 Pension question

V Meldrew YaBB Newbies Offline Posts: 38	2023 Pension question Jan 18^th, 2023, 11:32am With the RPI for December 2022 just announced as 13.4%, does anyone know if there is any precedent for the pension trustees agreeing to go above the 10% for Old Scheme Members and 5% for New Scheme Members? Just hopeful, I suppose!
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Peter Difolco

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Re: 2023 Pension question
Reply #1 - Jan 18^th, 2023, 7:00pm

Well looking back at RPI figures it looks like the last time the trustees were asked to consider this was back in 1982 when Decembers inflation was 12% so it is quite a rare occurrence . I do think the trustees should pay the full 13.4% RPI rate simply because RPI ends in 2030 that’s just 6 more RPI increases before it’s gone for good, if it’s replaced by CPI which is always lower pensioners will lose out .As gesture of good will it would seem appropriate to pay the full rate with that in mind.

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JohnW

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Re: 2023 Pension question
Reply #2 - Jan 18^th, 2023, 8:14pm

I'm sure I should know the answer to this question better ... but is December really the month on which the pension increase is gauged?
Something in my water tells me it's September - but then my water's never been that reliable!! Grin

Don't get me wrong, I feel that we need the best deal we can get (to combat the current inflationary situation) so if it is December, then bring it on! September's rate was rather lower (RPI was around 8%, ISTR) which is still a decent increase, at least for those who earned the big bucks back in the day! Perhaps I'll ring Cardiff and see what they can tell me.

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DMCP YaBB Newbies Offline Posts: 14 UK Gender:	Re: 2023 Pension question Reply #3 - Jan 19^th, 2023, 8:23am I believe September inflation is the month that decides the State Pension, whilst December is definitely when the BBC Pension is calculated.
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Delboy YaBB Newbies Offline Posts: 47	Re: 2023 Pension question Reply #4 - Jan 19^th, 2023, 12:36pm Yes, it's December, as confirmed on the pensions website here: https://www.bbc.com/mypension/pensioners/pension-increases/
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V Meldrew YaBB Newbies Offline Posts: 38	Re: 2023 Pension question Reply #5 - Jan 20^th, 2023, 9:59am Thank you for the link. I have read it and it does say that the BBC can ask the Trustees to approve going beyond the 10%. Let's hope?
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WG

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Re: 2023 Pension question
Reply #6 - Feb 3^rd, 2023, 3:21pm

At the 23/11 webinar Pension Liaison meeting, the Pensions speaker indicated that the pension increase for April 2023 was likely to be 10%. He then said that further information would follow re the possibility of that 10% being raised. No timetable given, otherwise I would have remembered it, but I guess it’s safe to assume before the new rates ,now certain at 10% (but fingers crossed a little higher) will be applied.
If not-then I would certainly expect a statement from Pensions or perhaps an individual letter explaining all and everything.

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Mr Playlist

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WG Senior Member Offline Posts: 352 Hitchin Gender:	Re: 2023 Pension question Reply #7 - Feb 6^th, 2023, 10:12pm The statements I referred to re the additional increase are in the latest Prospero I received today….
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Delboy YaBB Newbies Offline Posts: 47	Re: 2023 Pension question Reply #8 - Feb 7^th, 2023, 12:39am Read it in the online version here: http://downloads.bbc.co.uk/mypension/en/prospero_feb_2023.pdf
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Peter Difolco

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Re: 2023 Pension question
Reply #9 - Feb 15^th, 2023, 11:26am

I have just watched the pension liaison meeting from November 23rd on the pension website, what I found interesting is that from 2030 when RPI is no longer in use it will be replaced by CPIH I had assumed it would CPI the point being today (15/2/23) CPI rate is 10.2% where as CPIH is 8.8% ! .
It seems that future pension increases after 2030 will be even lower, future pensioners are bound to lose out and the only winner will be the scheme’s coffers. So I ask the question what are the trustees going to do to protect pensioners because of these changes ? they should not just wash their hands of it by saying it’s not our decision it’s the government .

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WG Senior Member Offline Posts: 352 Hitchin Gender:	Re: 2023 Pension question Reply #10 - Mar 15^th, 2023, 8:26am Any day now I hope-they’ve had weeks to discuss it!
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Peter Difolco YaBB Newbies Offline Posts: 7	Re: 2023 Pension question Reply #11 - Mar 16^th, 2023, 10:14am Yes perhaps I could just remind them that food inflation was running at nearly 17% in January !
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V Meldrew YaBB Newbies Offline Posts: 38	Re: 2023 Pension question Reply #12 - Mar 16^th, 2023, 5:20pm I called the Pensions Centre this morning and they told me nothing had been decided yet.
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WG Senior Member Offline Posts: 352 Hitchin Gender:	Re: 2023 Pension question Reply #13 - Mar 28^th, 2023, 7:56am “Nothing has been decided” means just that until it IS decided
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Peter Difolco YaBB Newbies Offline Posts: 7	Re: 2023 Pension question Reply #14 - Mar 31^st, 2023, 3:16pm Although there is no announcement on pension rise yet, if you log into my pension you can see next month’s (April) amount. It seems the percentage is higher than the minimum.
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