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Pensions Increase

As the cost of living rises, so will your pension.  Public service pensions  increase by the rise in the Consumer Price Index (CPI).  The rate is measured by the Office for National Statistics (ONS) in the twelve months to September of each year. The rate is then confirmed by the Treasury, and applies from the following April, effective from the first Monday in the new tax year.

The rate which will be applied from April 2018 is 3%, payable from 9 April 2018.  

A letter regarding pensions increase will be sent to Bedfordshire Pension Fund pensioners in April 2018. Click here to view a copy of the letter (PDF 54KB)

If your pension started on or before 24 April 2017, the increase will be 3%.  Pensions which started between 25 April 2017 and 24 March 2018 will receive a proportion of the increase and the rates can be seen below.  Pensions which began on or after 25 March 2018 are not eligible for an increase until April 2019.

 

For pensions which began:

Percentage increase

On or before 24 April 2017

3.00%

25 April 2017 to 24 May 2017

2.75%

25 May 2017 to 24 June 2017

2.50%

25 June 2017 to 24 July 2017

2.25%

25 July 2017 to 24 August 2017

2.00%

25 August 2017 to 24 September 2017

1.75%

25 September 2017 to 24 October 2017

1.50%

25 October 2017 to 24 November 2017

1.25%

25 November 2017 to 24 December 2017

1.00%

25 December 2017 to 24 January 2018

0.75%

25 January 2018 to 24 February 2018

0.50%

25 February 2018 to 24 March 2018

0.25%

 

Revaluation of benefits for new pensioners

The LGPS became a Career Average Revalued Earnings (CARE) scheme with effect from 1 April 2014.  If you left the scheme in the period 1 April 2017 to 31 March 2018 then there will be a small increase to the part of your pension built up under the CARE scheme, in order to ensure the correct level of inflation proofing in the year of leaving.  The amount of the increase will depend on your date of leaving and will be up to a maximum of 3.0%.