Inflation plunging

I received my SP on the 9th April with no increase. I was told if it had been paid on the 10th I would have got the increase.

I don't receive any statement from my work pension, only told there may be a message for me if I log-on to the web-site which is impenetrable, so I always ring them. I last had a statement when I retired in June last year, though I officially finished in August I had earned nothing for two months. I don't know if this has anything to do with it.

I may indeed get a refund but I'm not 'banking' on it haha. I really just wanted to know what my net income was going to be from now on and no one could tell me. It makes it impossible to budget until I get my next pensions. SP should be on the 7th May and WP on 10th. What a joy retirement is!

My modest savings never came into any of the conversations. Are premium bonds taxed as that is where my savings are?

Thanks for your replies btw- I'm impressed with your knowledge of the tax system, of which I am woefully ignorant only ever having been a PAYE tax payer.

You must receive at least an annual statement in respect of your occupational pension - a P60 showing how much you have been paid and how much tax has been deducted.

Pension rates do not go up until 5th April, so any pension paid out in the first few days after that will incorporate 5 days pension at the previous years level, so sho very little increase at all. after that each week will incorporate the full rise.

Both my pensions are paid monthly and the amount paid in April is always less than that paid from May onwards for that reason.

Are premium bonds taxed as that is where my savings are?
No, they aren't, any winnings will be tax-free.

If you have more savings, I'd advise putting them into an ISA.

It took six months after my retirement date for my works pension to be sorted out! It really isn't good enough, is it.

Well, my monthly payments for phone, internet and energy have all gone up; I thought energy costs were going down?

There was an item on the news about insurances going up, some almost doubling.

The explanation for the huge increases in car insurance was that the price was reduced during lockdowns because people weren't driving as much.

Excuse me? I hadn't noticed the price of car insurance going down at all during lockdowns.

My insurance didn’t go down even though my car is hardly worth anything now! Breakdown cover did.

Maybee70 Bills will go up when inflation is going down, just by not as much as in previous years.

Prices of everything do not go up at equal rates, some things will see their price rise faster than others and vice versa.

Germanshepherdsmum

Don’t you realise that inflation going down only means that the rate at which prices increase is going down, not that the prices themselves are going down?

I don’t think that many people do understand that GSM.

Despite the number of times it has been explained on GN. 🙄

I will add again, that i am beginning to be a supporter of Rishi Sunak's plan to make students study maths until they are 18.

The course could be based on basic statistics: What is an avaerage, how many there are how they differ, when to use them when not to. What is inflation what does it mean and a how does it work and other related topics that come up on GN regularly and are widely misunderstood.

I believe that what I would call useful maths and finance should be taught. Maths was my worst subject and I would not have been happy studying geometry, trigonometry et al until 18, but the sort of topics MOnica mentions should be taught together with an understanding of how simple and compound interest work, basic bookkeeping and personal financial management. Real life skills rather than topics that few will ever need after leaving school.

Germanshepherdsmum

I believe that what I would call useful maths and finance should be taught. Maths was my worst subject and I would not have been happy studying geometry, trigonometry et al until 18, but the sort of topics MOnica mentions should be taught together with an understanding of how simple and compound interest work, basic bookkeeping and personal financial management. Real life skills rather than topics that few will ever need after leaving school.

I agree. APR, compound interest etc, the huge advantages of even a small overpayment on a mortgage etc. Necessary life information really.