Latest news with #Wrench
Daily Record
27-05-2025
- Business
- Daily Record
Triple Lock creating two-tier State Pension for older people warns former DWP employee
The latest figures from the Department for Work and Pensions (DWP) show there are now 13 million people of State Pension age across Great Britain, including 1.1m in Scotland. Of that total, 34 per cent are in receipt of the New State Pension while 66 per cent receive the Basic/Old State Pension. Under the Triple Lock guarantee, the New and Basic State Pensions increase each year in-line with whichever is the highest between the average annual earnings growth from May to July, Consumer Price Index (CPI) inflation rate in the year to September, or 2.5 per cent. However, additional elements of the State Pension, including deferred amounts, rise by the September CPI rate, something a former DWP employee warns is creating a 'two-tier uprating system for pensioners'. Sandra Wrench has 42 years experience in dealing with State Pensions and benefits delivered by the DWP and previously wrote to DWP Ministers in 2023 expressing her concerns. Mrs Wrench told the Daily Record how some pensioners may not be aware that this year's Triple Lock uprating of 4.1 per cent only applies to the New and Basic State Pension payment rates; additional components have risen by 1.7 per cent - the September CPI inflation rate. This is also the uprating applied to Universal Credit and other benefits delivered by the DWP. It's important to highlight that devolved benefits in Scotland, including Adult and Child Disability Payment, Pension Age Disability Payment, Carer Support Payment and Pension Age Winter Heating Payment, also increased by 1.7 per cent this month. The ex-DWP employee said: 'The Triple Lock guarantee only covers the BASIC State Pension and not all components, the other components being Additional Pension (the scheme which existed between 1978-April 5, 2016 and which you could contract out of), Graduated Pension (1961-1975), increments for deferring your State Pension, and the protected pension which is any amount in excess of the 100% rate of the new 100% State Pension which you might be entitled to at April 6, 2016. 'With the calculation of the New State Pension at April 6, 2016, in most cases, all the components of the old State Pension have been added together to give a basic State Pension, and where applicable a protected pension, which is the excess above the 100% rate of the New State Pension. 'So by adding all the components together this has brought components such as additional pension, within the scope of the Triple Lock, which was 4.1% this April 2025. Under the old scheme, additional pension would have just been increased by the CPI rate of 1.7% for this April 2025.' Mrs Wrench warned: 'With The Triple Lock relating to the basic rates of the State Pension only, this has created a two-tier uprating system for those who reached State Pension Age before April 2016 where the 100% rate of the Old/Basic State Pension is currently £176.45 a week and those who reached retirement age after April 2016 where the 100% rate of the New State Pension is higher at £230.25.' She shared an example to help illustrate the difference: A person who was State Pension Age before April 2016, has a weekly amount of State Pension as £240.00, consisting of 100% Old/Basic State Pension of £176.45, additional pension of £59.75 and graduated pension of £3.80. Compare this with a person who reached State Pension Age after April 2016, who also has a weekly pension of £240.00, but this consists of 100% New State Pension of £230.25 and a protected payment of £9.75. In April 2026, the person who reached State Pension Age before April 2016, will only have £176.45 increased by the Triple Lock, compared with a person who reached State Pension Age after April 2016, who will have a higher amount of £230.25 increased by the Triple Lock. Mrs Wrench continued: 'You can see how a person who reached State Pension Age before April 2016 has a lower percentage of their State Pension uprated by the Triple Lock compared with those who reached State Pension Age after April 2016. 'Because of this difference in basic pension and the Triple lock only relating to the basic rate of the State Pension, this will inevitably lead to those who reached State Pension Age before April 2016 falling further behind with every annual uprating.' The insider explained that when the Triple Lock was introduced in 2011, there was only one State Pension (Old/Basic), but the introduction of the New State Pension in April 2016, calls into question whether it should also be uprated under the Triple Lock. However, she warns that any future adjustment to the Triple Lock 'will particularly affect poorer pensioners, such as those who do not have other sources of income, those who are disabled and not able to work full time, and women with caring responsibilities who have had to work part time and who may not have had the opportunity to build up any private or work pension'. Mrs Wrench added: 'The DWP have confirmed they cannot means-test the State Pension, so possibly the only way that the increased costs for State Pension can be addressed is through some adjustment to the Triple Lock, and to reassess the annual uprating of the State Pension. Mrs Wrench shared two examples to help highlight the uprating impact: From April 6, 2016, a woman, who is State Pension Age after April 2016. has a Basic State Pension of £63.63, and Additional Pension of £24.82. These two components were added together on April 6, 2016 to give her a starting amount of £88.45 for the New State Pension, and this £88.45 is now all Basic State Pension under the new scheme. If you were State Pension Age before April 2016, under the old scheme the basic State Pension of £63.63 would have increased by the Triple Lock, and the additional pension of £24.82 increased by the lower CPI rate , but by adding the two together for the New State Pension from April 6, 2016, this means that all this amount is basic state Pension and increases by the Triple Lock. So those who are State Pension Age after April 2016 are at an advantage compared to those who reached retirement age before April 2016, as regards the Triple Lock increase. A person who reached State Pension Age after April 6, 2016 has the full 100% rate of the basic State Pension which was then £119.30 (under the old scheme) and Additional Pension of £75.00. Basic £119.30 plus AP £75.00 = £194.30 at April 6, 2016, which was converted into the 100% rate of the New State Pension of £155.65 (the 100% rate at April 6, 2016) plus a protected payment of £38.65. Basic State Pension increases by the Triple Lock, but protected payment increases by CPI rate, so some of the additional pension has been converted into Basic State Pension and brought within the scope of The Triple Lock. State Pension payments 2025/26 The DWP has published the full list of State Pension and benefit uprated payments on here, which also includes additional elements such as the deferred rates, which have risen by 1.7 per cent (September Consumer Price Index inflation rate). Full New State Pension Weekly payment: £230.25 Fortnightly payment: £460.50 Four-weekly payment: £921 Annual amount: £11,973 Full Basic State Pension Weekly payment: £176.45 Fortnightly payment: £352.90 Four-weekly payment: £705.80 Annual amount: £9,175 Future State Pension increases The Labour Government has pledged to honour the Triple Lock or the duration of its term and the latest predictions show the following projected annual increases: 2025/26 - 4.1%, the forecast was 4% 2026/27 - 2.5% 2027/28 - 2.5% 2028/29 - 2.5% 2029/30 - 2.5%
Business Standard
22-05-2025
- Business
- Business Standard
JSW Group's Energy Business Chooses Wrench SmartProject PMIS Over Global Brands
PNN Bengaluru (Karnataka) [India], May 22: JSW Energy Limited, one of India's leading renewable energy and power companies, has selected the Wrench SmartProject Project Management Information System (PMIS) after an intensive one-year evaluation of nine leading global PMIS solutions. According to Harish Parihar, India Business Head at Wrench Solutions, "JSW was looking for a system that would enable an integrated project management information system capable of proactively monitoring their projects and consolidating project data across various software systems. They found that the solution designed by Wrench was the most optimal for their needs." Jigishu Shah, Head-IPMS, JSW Energy, said, "We had very stringent criteria, and Wrench met those, surpassed others based on industry reference. Their domain knowledge and track record in the industry are impressive, and we look forward to using SmartProject PMIS on all our upcoming renewable projects with progressively scaling up to group level." K.V. Daniel, CEO of Wrench Solutions, added, "We're delighted to welcome JSW to the Wrench family. I'm confident our solution will help them plan, manage, and execute deliverables in an integrated and cohesive way, improving outcomes across all aspects of the project cycle--including data management, collaboration, progress tracking, risk and issue management, forecasting, quality, safety, and more. Ultimately, it will enable them to deliver every project on time and on budget." Wrench will initially roll out SmartProject PMIS across JSW's portfolio of wind and solar projects, with plans to progressively expand it to other group companies. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
Daily Record
23-04-2025
- Business
- Daily Record
Former DWP employee warns State Pension Triple Lock creating two-tier uprating for people in retirement
Sandra Wrench worked at the DWP for 42 years and warns of a widening gap between the New and Basic State Pensions. Pension Credit – Could you or someone you know be eligible? The latest figures from the Department for Work and Pensions (DWP) indicate there are now 13 million people of State Pension age across Great Britain, including 1.1m in Scotland. Of that total, 34 per cent are in receipt of the New State Pension while 66 per cent receive the Basic/Old State Pension. Under the Triple Lock guarantee, the New and Basic State Pensions increase each year in-line with whichever is the highest between the average annual earnings growth from May to July, Consumer Price Index (CPI) inflation rate in the year to September, or 2.5 per cent. However, additional elements of the State Pension, including deferred amounts, rise by the September CPI rate, something a former DWP employee warns is creating a 'two-tier uprating system for pensioners'. Sandra Wrench has 42 years experience in dealing with State Pensions and benefits delivered by the DWP and previously wrote to DWP Ministers in 2023 expressing her concerns. Mrs Wrench told the Daily Record how some pensioners may not be aware that this year's Triple Lock uprating of 4.1 per cent only applies to the New and Basic State Pension payment rates; additional components have risen by 1.7 per cent - the September CPI inflation rate. This is also the uprating applied to Universal Credit and other benefits delivered by the DWP. It's important to highlight that devolved benefits in Scotland, including Adult and Child Disability Payment, Pension Age Disability Payment, Carer Support Payment and Pension Age Winter Heating Payment, also increased by 1.7 per cent this month. The ex-DWP employee said: 'The Triple Lock guarantee only covers the BASIC State Pension and not all components, the other components being Additional Pension (the scheme which existed between 1978-April 5, 2016 and which you could contract out of), Graduated Pension (1961-1975), increments for deferring your State Pension, and the protected pension which is any amount in excess of the 100% rate of the new 100% State Pension which you might be entitled to at April 6, 2016. 'Wth the calculation of the New State Pension at April 6, 2016, in most cases, all the components of the old State Pension have been added together to give a basic State Pension, and where applicable a protected pension, which is the excess above the 100% rate of the New State Pension. 'So by adding all the components together this has brought components such as additional pension, within the scope of the Triple Lock, which was 4.1% this April 2025. Under the old scheme, additional pension would have just been increased by the CPI rate of 1.7% for this April 2025.' Mrs Wrench warned: 'With The Triple Lock relating to the basic rates of the State Pension only, this has created a two-tier uprating system for those who reached State Pension Age before April 2016 where the 100% rate of the Old/Basic State Pension is currently £176.45 a week and those who reached retirement age after April 2016 where the 100% rate of the New State Pension is higher at £230.25.' She shared an example to help illustrate the difference: A person who was State Pension Age before April 2016, has a weekly amount of State Pension as £240.00, consisting of 100% Old/Basic State Pension of £176.45, additional pension of £59.75 and graduated pension of £3.80. Compare this with a person who reached State Pension Age after April 2016, who also has a weekly pension of £240.00, but this consists of 100% New State Pension of £230.25 and a protected payment of £9.75. In April 2026, the person who reached State Pension Age before April 2016, will only have £176.45 increased by the Triple Lock, compared with a person who reached State Pension Age after April 2016, who will have a higher amount of £230.25 increased by the Triple Lock. Mrs Wrench continued: 'You can see how a person who reached State Pension Age before April 2016 has a lower percentage of their State Pension uprated by the Triple Lock compared with those who reached State Pension Age after April 2016. 'Because of this difference in basic pension and the Triple lock only relating to the basic rate of the State Pension, this will inevitably lead to those who reached State Pension Age before April 2016 falling further behind with every annual uprating.' The insider explained that when the Triple Lock was introduced in 2011, there was only one State Pension (Old/Basic), but the introduction of the New State Pension in April 2016, calls into question whether it should also be uprated under the Triple Lock. However, she warns that any future adjustment to the Triple Lock 'will particularly affect poorer pensioners, such as those who do not have other sources of income, those who are disabled and not able to work full time, and women with caring responsibilities who have had to work part time and who may not have had the opportunity to build up any private or work pension'. Mrs Wrench added: 'The DWP have confirmed they cannot means-test the State Pension, so possibly the only way that the increased costs for State Pension can be addressed is through some adjustment to the Triple Lock, and to reassess the annual uprating of the State Pension. Mrs Wrench shared two examples to help highlight the uprating impact: From April 6, 2016, a woman, who is State Pension Age after April 2016. has a Basic State Pension of £63.63, and Additional Pension of £24.82. These two components were added together on April 6, 2016 to give her a starting amount of £88.45 for the New State Pension, and this £88.45 is now all Basic State Pension under the new scheme. If you were State Pension Age before April 2016, under the old scheme the basic State Pension of £63.63 would have increased by the Triple Lock, and the additional pension of £24.82 increased by the lower CPI rate , but by adding the two together for the New State Pension from April 6, 2016, this means that all this amount is basic state Pension and increases by the Triple Lock. So those who are State Pension Age after April 2016 are at an advantage compared to those who reached retirement age before April 2016, as regards the Triple Lock increase. A person who reached State Pension Age after April 6, 2016 has the full 100% rate of the basic State Pension which was then £119.30 (under the old scheme) and Additional Pension of £75.00. Basic £119.30 plus AP £75.00 = £194.30 at April 6, 2016, which was converted into the 100% rate of the New State Pension of £155.65 (the 100% rate at April 6, 2016) plus a protected payment of £38.65. Basic State Pension increases by the Triple Lock, but protected payment increases by CPI rate, so some of the additional pension has been converted into Basic State Pension and brought within the scope of The Triple Lock. State Pension payments 2025/26 The DWP has published the full list of State Pension and benefit uprated payments on here, which also includes additional elements such as the deferred rates, which have risen by 1.7 per cent (September Consumer Price Index inflation rate). Full New State Pension Weekly payment: £230.25 (from £221.20) Fortnightly payment: £460.50 (from £442.40) Four-weekly payment: £921 (from £884.80) Annual amount: £11,973 (from £11,502) Full Basic State Pension Weekly payment: £176.45 (from £169.50) Fortnightly payment: £352.90 (from £339) Four-weekly payment: £705.80 (from £678) Annual amount: £9,175 (from £8,814) Future State Pension increases The Labour Government has pledged to honour the Triple Lock or the duration of its term and the latest predictions show the following projected annual increases: 2025/26 - 4.1% confirmed, the forecast was 4% 2026/27 - 2.5% 2027/28 - 2.5% 2028/29 - 2.5% 2029/30 - 2.5% The DWP has issued letters to all 13 million State Pensioners telling them their new payment rates for the 2025/26 financial year. This letter also encourages older people to check if they are eligible for Pension Credit.
Daily Record
22-04-2025
- Business
- Daily Record
People on New or Basic State Pension can change monthly payments to weekly
A former DWP employee shares how the frequency of State Pension payments can easily be changed to weekly. Pension Credit – Could you or someone you know be eligible? People on the full New State Pension will see payments rise this month by £9.05 per week from £221.20 to £230.25, and as the payment is typically made every four weeks this amounts to £921. The uplift will see annual payments rise by £473.60 from £11,502 to £11,973 over the 2025/26 financial year. Someone on the full Basic State Pension will see weekly payments rise by £6.95 from £169.50 to £176.45, or £705.80 every four-week payment period. Annual payments will rise by £361.40 from £8,814 to £9,175.40 over the 2025/26 financial year. However, while State Pensions and benefits increased on April 7, so too have most household bills, including energy costs, Council Tax, the TV licence, mobile phones and broadband. Many older people may not be aware they can increase the frequency of their State Pension payments from every four weeks to fortnightly or weekly. A former DWP employee with 42 years experience in dealing with State Pensions and benefits shares the simple way every older person, already receiving their State Pension or due to retire this year, can change how often they are paid. The main thing to be aware of is that the frequency can only be changed if the payments have already been set up to be made into a bank account. People already on the New or Basic State Pension Ex-DWP employee Sandra Wrench told the Daily Record: 'If you have already made a claim for State Pension and are in receipt of four-weekly payments, and you want weekly payments, then phone the DWP change of circumstances ( Pension Service) telephone number on 0800 731 0469, and request weekly payments. 'Alternatively write to The Pension Service, Post Handling Site A, Wolverhampton WV98 1AF, with your name address and National Insurance number and ask to be changed to weekly payment for your State Pension.' People about to claim the New State Pension Mrs Wrench explained: 'If you are yet to claim your State Pension, put in the information box on the State Pension claim form 'Please pay my pension weekly'.' The DWP insider also said the four-weekly pay frequency may make it difficult to budget for household bills as it's not paid monthly, especially if someone has been used to being paid their salary at the end of each month. She said: 'From your 'budget point of view' it may be easier to be paid weekly then you know exactly how much State Pension has been paid into your account each month. 'For some members of the public who are used to being paid their wages weekly, claiming a State Pension which is paid every four weeks, can cause problems financially and make it difficult for them to budget.' The ex-DWP employee isn't alone in raising awareness about the payment options. Back in 2021, BBC Radio 4 Money Box presenter and financial journalist Paul Lewis, highlighted the weekly payment option in the Radio Times. He explained: 'Three quarters of all pensioners are paid four weeks in arrears, but a State Pension can also be paid weekly. 'The Government hides this option when people apply, as the application form simply says 'State Pension is usually paid every four weeks'.' State Pension payments 2025/26 The DWP has published the full list of State Pension and benefit uprated payments on here, which also includes additional elements such as the deferred rates, which have risen by 1.7 per cent (September Consumer Price Index inflation rate). Full New State Pension Weekly payment: £230.25 (from £221.20) Fortnightly payment: £460.50 (from £442.40) Four-weekly payment: £921 (from £884.80) Annual amount: £11,973 (from £11,502) Full Basic State Pension Weekly payment: £176.45 (from £169.50) Fortnightly payment: £352.90 (from £339) Four-weekly payment: £705.80 (from £678) Annual amount: £9,175 (from £8,814) Future State Pension increases The Labour Government has pledged to honour the Triple Lock or the duration of its term and the latest predictions show the following projected annual increases: 2025/26 - 4.1% confirmed, the forecast was 4% 2026/27 - 2.5% 2027/28 - 2.5% 2028/29 - 2.5% 2029/30 - 2.5% The DWP has issued letters to all 13 million State Pensioners telling them their new payment rates for the 2025/26 financial year. This letter also encourages older people to check if they are eligible for Pension Credit.
See - Sada Elbalad
12-04-2025
- Entertainment
- See - Sada Elbalad
"The Bodyguard" Remake in Works
Yara Sameh Warner Bros. is developing a remake of 'The Bodyguard' with Sam Wrench on board to direct. Wrench directed the box office smash 'Taylor Swift: The Eras Tour.' Jonathan Abrams, who debuted as a feature screenwriter with Clint Eastwood's courtroom drama 'Juror #2' last fall, has been tapped to pen the script. No casting decisions have been set. The news was revealed by Michael De Luca and Pam Abdy, the co-heads of the Warner Bros. Pictures Group, in an interview with Deadline. Aside from directing 'The Eras Tour,' Wrench has oft toed the line between the film and music industries, helming 'Laufey's A Night at the Symphony: Hollywood Bowl' and 'A Nonsense Christmas with Sabrina Carpenter,' as well as concert docs for stars like BTS, Billie Eilish and Lizzo. The original 'The Bodyguard' was directed by Mick Jackson and centered on a former Secret Service agent, portrayed by Kevin Costner, hired to protect a famous singer, played by Whitney Houston. It grossed more than $400 million at the worldwide box office and has what is considered the bestselling movie soundtrack of all time, with several chart-topping original songs from Houston. 'The Bodyguard' landed two Oscar nominations for its songs, 'I Have Nothing' and 'Run to You.' Wrench spoke with Variety about his style and using long takes during 'Laufey's A Night at the Symphony: Hollywood Bowl,' saying, 'I don't think the job of a concert filmmaker is there to try and portray something that didn't happen or to give it an energy that isn't there. When the music is the king, the music is the thing you follow and you let that kind of dictate everything. But honestly, my job was fairly easy. It's such a great concert. Everyone enjoyed it. We pointed some cameras, and here we are.' read more New Tourism Route To Launch in Old Cairo Ahmed El Sakka-Led Play 'Sayidati Al Jamila' to Be Staged in KSA on Dec. 6 Mandy Moore Joins Season 2 of "Dr. Death" Anthology Series Don't Miss These Movies at 44th Cairo Int'l Film Festival Today Amr Diab to Headline KSA's MDLBEAST Soundstorm 2022 Festival Arts & Culture Mai Omar Stuns in Latest Instagram Photos Arts & Culture "The Flash" to End with Season 9 Arts & Culture Ministry of Culture Organizes four day Children's Film Festival Arts & Culture Canadian PM wishes Muslims Eid-al-Adha News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
