Get answers to frequently asked questions about pension increase. Well send you a link to a feedback form. In the 12 months to September 2021, CPI was 3.1%. The Public Service Pensions Increase Is Revealed For 2023 | LPPA It is increased by the change in the Consumer Price Index (CPI) in the 12 months ending with the previous September. How will your pension increase in retirement? The increase to State Pensions applies across Scotland, Wales and England. Healthcare most popular for UK pension fund professionals Copyright The Local Government Association 2022, Site by Landscape - Opens in a new browser window, What to expect from your pension fund and employer, Pension credit extra help for pensioners. To help us improve GOV.UK, wed like to know more about your visit today. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Thinking of opting out, leaving or retiring? The pension increase effective from 11 April 2022 is 3.1%. The increase is set by HM Treasury under the Pension (Increase) Act 1971. This is a one-year response to exceptional circumstances and the government will return the earnings element of the Triple Lock next year. Mar 02, 2023 By Laraib Shahid. September CPI has consistently been the reference month for pension uprating since the Triple Lock came into operation. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. It is based on the change in the Consumer Price Index (CPI) over the 12 months to the previous September. 1004 0 obj <> endobj The percentage is set by HM Treasury. The first increase to your pension after retirement will normally only be a proportion of the full increase, depending on how many months your pension has been in payment during the year. The new rates will apply in the tax year 2022/23 and come into effect on 11 April 2022.
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