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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 Treasury has confirmed that the rate that will apply from April 2017 is 1.0%, payable from 10 April 2017.  

A letter regarding pensions increase was sent to Bedfordshire Pension Fund pensioners in April 2017.  You can view a copy of the letter here. (PDF 55KB)

If your pension started on or before 25 April 2016, the increase will be 1.0%.  Pensions which started between 26 April 2016 and 25 March 2017 will receive a proportion of the increase and the rates can be seen below.  Pensions which began on or after 26 March 2017 are not eligible for an increase until April 2018.

 

For pensions which began:

Percentage increase

On or before 25 April 2016

1.00%

26 April 2016 to 25 May 2016

0.92%

26 May 2016 to 25 June 2016

0.83%

26 June 2016 to 25 July 2016

0.75%

26 July 2016 to 25 August 2016

0.67%

26 August 2016 to 25 September 2016

0.58%

26 September 2016 to 25 October 2016

0.50%

26 October 2016 to 25 November 2016

0.42%

26 November 2016 to 25 December 2016

0.33%

26 December 2016 to 25 January 2017

0.25%

26 January 2017 to 25 February 2017

0.17%

26 February 2017 to 25 March 2017

0.08%

 

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 2016 to 31 March 2017 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 1.0%.