All public service pensions (of which the Local Government Pension Fund LGPS is one) are increased each year to reflect the rises in the cost of living. This is sometimes called inflation proofing or index linking.
The LGPS offers full index linking to pension benefits i.e. there is no upper limit or capping on the amount by which benefits will be increased in times of high inflation.
Pensions Increase is normally paid to:
- Deferred pensioners (members who have left the scheme but are under retirement age)
- Pensioners who are aged 55 or over; or
- Pensioners who have retired for the reason of permanent ill-health at any age; or
- Spouses and dependants of former pensioners
Pensions increase 2024
Your deferred Berkshire pension is increased annually in line with the Pensions Increase Order which is currently linked to the Consumer Prices Index (CPI). The increase is calculated in line with the CPI index based on the 12 months to September 2023.
As the September 2023 CPI was 6.7%, your deferred pension increases by 6.7% from Monday 8 April 2024.
The rates of pensions increase for the last 10 years are:
|
8 April 2024 |
6.7% |
|
10 April 2023 |
10.1% |
|
11 April 2022 |
3.1% |
| 12 April 2021 |
0.5% |
|
6 April 2020 |
1.7% |
|
8 April 2019 |
2.4% |
|
9 April 2018 |
3% |
|
10 April 2017 |
1% |
|
11 April 2016 |
0% |
|
6 April 2015 |
1.2% |