{"id":19850,"date":"2019-12-12T10:25:23","date_gmt":"2019-12-12T10:25:23","guid":{"rendered":"https:\/\/smh.group\/?p=19850"},"modified":"2023-02-15T13:19:51","modified_gmt":"2023-02-15T13:19:51","slug":"higher-state-pension-increases-on-the-cards","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/higher-state-pension-increases-on-the-cards\/","title":{"rendered":"Higher state pension increases on the cards"},"content":{"rendered":"\n

Recently released economic data suggest a\nrelatively large increase in the main state pensions for the next tax year,<\/strong> <\/strong>but it\u2019s still inadequate for a happy retirement.<\/strong><\/p>\n\n\n\n

The new levels of\nstate pension for the coming financial year (2020\/21) are usually revealed in\nor alongside the Autumn Budget statement. But as 2019 has been a strange year \u2013\nin particular with no Budget \u2013 there has been no official announcement yet on\nwhat state pensions will be from April 2020. <\/p>\n\n\n\n

However, it is\npossible to work out fairly accurately what the new rates may be because the\nbasis of increase is fixed.<\/p>\n\n\n\n

New state pension, old\nbasic state pension<\/strong> <\/h2>\n\n\n\n

These are both\nsubject to the so-called \u2018triple lock\u2019, which means the annual increase is the\ngreatest of:<\/p>\n\n\n\n

  1. The annual increase in the CPI to September\n(1.7% in 2019);<\/li>
  2. 2.5%; and<\/li>
  3. The 3-month average earnings increase to\nJuly (3.99% in 2019).<\/li><\/ol>\n\n\n\n

    In this instance\naverage earnings are the clear winner. The precise (rounded) figures must await\nthe Department for Work and Pensions\u2019 formal announcement, but it looks like\nthe new state pension (for anyone reaching state pension age (SPA) after 5\nApril 2016) will rise from \u00a3168.60 to \u00a3175.30 a week, while the basic state pension\nwill rise from \u00a3129.20 to \u00a3134.35 a week.<\/p>\n\n\n\n

    Other state pensions\n(including SERPS and S2P) <\/strong><\/h3>\n\n\n\n

    The triple lock is limited to the new state pension and the basic state pension. Other state pension<\/a><\/span><\/strong> entitlements, such the old additional pension elements for those who reached SPA before 6 April 2016 will increase in line with the CPI, i.e. by 1.7%. <\/p>\n\n\n\n

    While the increases\nare to be welcomed, the new state pension is still far from being enough for a\ncomfortable retirement. At just over \u00a39,100 a year from April, it will be more\nthan \u00a33,300 less than the income tax personal allowance in 2020\/21. The current\nnational living wage for a 35-hour week works out as more than 60% higher.  <\/strong><\/p>\n\n\n\n

    If you want a retirement<\/a><\/span><\/strong> that you can enjoy, you need to make sure you have adequate private pension provision on top of what the state provides. <\/p>\n\n\n\n

    To discuss your pension requirements<\/a><\/span><\/strong> with one of our financial advisers<\/a><\/span><\/strong>, drop us a line on 0114 266 4432 or info@smhca.co.uk<\/a><\/span><\/strong><\/p>\n\n\n\n

    The value of your\ninvestment can go down as well as up and you may not get back the full amount\nyou invested. Past performance is not a reliable indicator of future\nperformance.<\/em> <\/em> <\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

    Recently released economic data suggest a relatively large increase in the main state pensions for the next tax year, but it\u2019s still inadequate for a happy retirement.<\/p>\n","protected":false},"author":4,"featured_media":18016,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[98,77,79,201,247,359],"class_list":["post-19850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-financial-advice","tag-financial-planning","tag-pension","tag-retirement","tag-retirement-planning","tag-state-pension"],"acf":[],"yoast_head":"\nHigher state pension increases on the cards - SMH Group<\/title>\n<meta name=\"description\" content=\"Recently released economic data suggest a relatively large increase in the main state pensions for the next tax year, but it\u2019s still inadequate for a happy retirement.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Higher state pension increases on the cards - 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