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State Pension

STATE PENSION

2019It has been announced that the State Pension is to increase by 2.6% in April 2019 bringing the basic amount to £129.20. GMP is likely to increase by 2.4%2018It has been announced that the State Pension is to increase by 3.1% in April 2018 bringing the basic amount to £125.95. GMP is likely to increase by 3% 2017It has been announced that the State Pension is to increase by 2.5% in April 2017 bringing the basic amount to £122.30. GMP is likely to increase by 1%2016It has been announced that the State Pension is to increase by 2.5% in April 2016 bringing the basic amount to £119.30. GMP is likely to increase by 0% 2015It has been annouced that the State Pension is to increase by 2.5% in April 2015 bringing the basic amount to £115.95. GMP is likely to increase by the inflation amount of 2.3%2014The State Pension is to increase by 2.7% giving a total of £2.95 per week.The Basic Amount will be £113.10. The GMP element is likely to increase by the CPI figure of 2.7%. Had the earning increase been used it would have been 1%. RPIJ was only 2.5%You should start to see the new amounts in April depending how often you have chosen to receive the payments.Payments will be added to your Royal Liver pension for tax purposes although the allowance for tax free payments for those already over 65 is £10500. For others the tax free amount for tax year 2014-2015 is £10000 2013The State Pension is to increase by 2.5% giving a total of £2.70 per week. The Basic Amount will be £110.15. The GMP element is likely to increase by the CPI figure of 2.2% but if the RPI figures had been used it would have been 2.6% . You should start to see the new amounts in April depending how often you have chosen to receive the payments.Payments will be added to your Royal Liver pension for tax purposes although the allowance for tax free payments for those already over 65 is £10500. For others the tax free amount for tax year 2013-2014 is £9440.2012The State Pension is to increase by £5.30 per week to a total of £107.45. This is the biggest increase since the State Pension was first introduced in 1909. It represents 17% of average earnings.SERPS payments will also increase by 5.2% after being frozen in 2010 and increased by only 3.1% in 2011.You should start to see the new amounts in April depending how often you have chosen to receive the payments.Payments will be added to your Royal Liver pension for tax purposes although the allowance for tax free payments is to increase to £8105



Royal Liver Superannuitants Association