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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 applies from April 2019 is 2.4%, payable from 8 April 2019.  

A letter regarding pensions increase has been sent to Bedfordshire Pension Fund pensioners in early April 2019. View the 2019 pensions increase letter (PDF 160KB)

If your pension started on or before 23 April 2018, the increase is 2.4%.  Pensions which started between 24 April 2018 and 23 March 2019 will receive a proportion of the increase and the rates can be seen below.  Pensions which began on or after 24 March 2019 are not eligible for an increase until April 2020.

 

For pensions which began:

Percentage increase

On or before 23 April 2018

2.40%

24 April 2018 to 23 May 2018

2.20%

24 May 2018 to 23 June 2018

2.00%

24 June 2018 to 23 July 2018

1.80%

24 July 2018 to 23 August 2018

1.60%

24 August 2018 to 23 September 2018

1.40%

24 September 2018 to 23 October 2018

1.20%

24 October 2018 to 23 November 2018

1.00%

24 November 2018 to 23 December 2018

0.80%

24 December 2018 to 23 January 2019

0.60%

24 January 2019 to 23 February 2019

0.40%

24 February 2019 to 23 March 2019

0.20%

 

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 2018 to 31 March 2019 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 2.4%.