How your pension increases
The rate of pension increase is set each April and is based on the Consumer Prices Index (CPI) over the twelve month period ending in the previous September.
The rate of pension increase is set each April and is based on the Consumer Prices Index (CPI) over the twelve month period ending in the previous September.
The government has announced that the rate of increase to apply to public service pensions for 2022, including the Local Government Pension Scheme and any pension payable under the Teachers’ (Compensation for Redundancy and Premature Retirement) Regulations is 3.1%.
The increase is based on the Consumer Prices Index (CPI) over the twelve month period ending September 2021 and is effective from 11 April 2022.
As the increase is applied from 11 April, your April payment will be made up of a proportion of pension at the old amount and a proportion of pension at the increased amount.
Your pension will be increased from 11 April 2022 if you:
If you do not fall into one of these groups, your pension will not increase until your 55th birthday, when it will be paid at the rate you would have received if Pensions Increase had been in payment from the date of leaving or the date your final pay was calculated, if earlier.
In certain circumstances your pension will not increase by the full 3.1%.
PERIOD DURING WHICH PENSION BEGAN | Multiplier | ||
28-Mar-21 | to | 26-Apr-21 | 1.0310 |
27-Apr-21 | to | 26-May-21 | 1.0284 |
27-May-21 | to | 26-Jun-21 | 1.0258 |
27-Jun-21 | to | 26-Jul-21 | 1.0233 |
27-Jul-21 | to | 26-Aug-21 | 1.0207 |
27-Aug-21 | to | 26-Sep-21 | 1.0181 |
27-Sep-21 | to | 26-Oct-21 | 1.0155 |
27-Oct-21 | to | 26-Nov-21 | 1.0129 |
27-Nov-21 | to | 26-Dec-21 | 1.0103 |
27-Dec-21 | to | 26-Jan-22 | 1.0078 |
27-Jan-22 | to | 26-Feb-22 | 1.0052 |
27-Feb-22 | to | 26-Mar-22 | 1.0026 |