Yesterday, I received notification of an increase in the *State Pension.
So why the rant?
Well ... in theory, the amount I receive from *this weekly source (i) is non-taxable!
But ... my monthly Occupational Pension (ii) - for which mandatory superannuable payments had been deducted from my salary throughout most of my working life - has taken a severe dent... ever since I reached the age of 65.
And ... although the gross annual amount appertaining to (ii) rose by five percent in the Financial Year 2009/10, the net figure fell significantly - from what it had been at the end of the 2008/9 period - due to the fact that w.ef. September 19, 2009, the tax that theoretically couldn't be applied to (i) was "transferred" [heavily!] onto (ii) ... if you get my drift. And, to crown it all, the corresponding fall in the Retail Price Index - resulting from the Gobal Recession - put paid to ANY increase in Local Government Pensions during 2010/11!
So ... in PRACTICAL TERMS, I AM definitely ...
... NO BETTER OFF!
