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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 2020 is 1.7%, payable from 6 April 2020.

  

A letter about pensions increase was sent to Bedfordshire Pension Fund pensioners in early April 2020.  Click here to see a copy of the letter.

 

If your pension started on or before 21 April 2019, the increase is 1.7%.  Pensions which started between 22 April 2019 and 21 March 2020 will receive a proportion of the increase and the rates can be seen below.  Pensions which began on or after 22 March 2020 are not due for an increase until April 2021.

 

Pensions increase
For pensions which began:Percentage increase

On or before 21 April 2019

1.70%

22 April 2019 to 21 May 2019

1.56%

22 May 2019 to 21 June 2019

1.42%

22 June 2019 to 21 July 2019

1.28%

22 July 2019 to 21 August 2019

1.13%

22 August 2019 to 21 September 2019

0.99%

22 September 2019 to 21 October 2019

0.85%

22 October 2019 to 21 November 2019

0.71%

22 November 2019 to 21 December 2019

0.57%

22 December 2019 to 21 January 2020

0.43%

22 January 2020 to 21 February 2020

0.28%

22 February 2020 to 21 March 2020

0.14%

 

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 2019 to 31 March 2020 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 1.7%.