Anyone Had Their Sp Increase Letter Yet This Year?

[ladybirder]

I haven't.

[Gettingonabit]

Husband and I both received ours about 2 weeks ago. We are on the old system if that makes any difference as when they are sent out.

[ladybirder]

LOL, so am I but I haven't had mine. xx

[Gettingonabit]

Something to look forward to. Better than the last few years.

[MargoTester]

What is SP increase please?

[bednobs]

state pension increase. Or do you mean what is the amount?

[MargoTester]

Oh in that case no ( for some reason thought it had something to do with Scottish Power!)

[Redhelen72]

Will have to see if MIL has had hers

[bednobs]

at least i presume it is - i am not ladybirder :)

[Ken4155]

Read that as 5p increase and was a tad concerned until postie dropped my increase notification through the door :-)

[Hopkirk]

The closer I get to retirement the less I like the phrase old age pension. I'll switch to saying SP in future.

[ladybirder]

Hopkirk, SP is what is used on the GovUK website, not OAP, so you'll be right.

I've got extras added on to my SP like SERPS so no idea what increase I'll get.

[Buenchico]

LB:
EVERYTHING you get now (inc the SERPS element of your pension) will increase by 10.1%. That's confirmed in the booklet that comes with the letter, which I've scanned here:
https://i.postimg.cc/KcgPbnDf/Pension.jpg

So, to work out how much EXTRA you'll get, multiply your current payment by 0.101.

Alternatively, to get the new TOTAL amount, multiply by 1.101.

[Atheist]

If your SP increases, then your tax allowance number goes down. You don't get all of your SP as cash in hand.

[fitdarren]

Yes, a few days ago.

[barry1010]

Unless you have no other income, Atheist. Many state pensions are under the tax threshold of £245 a week

[ladybirder]

Of course Chris, thank you, now I remember, a brilliant 10.1% on the lot. It's always been a lower rate for SERPS if I remember correctly.

Still no letter though.

[ladybirder]

Just been to my postbox again and guess what was there?

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Another flaming box of Covid Test Kits!!!!!!!!