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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.

A letter about pensions increase is sent to Bedfordshire Pension Fund pensioners every April.

The pensions increase for April 2024 is 6.7%, payable from 8 April 2024. 

If your LGPS pension started on or before 23 April 2023, the increase is 6.7%.  Pensions which started between 24 April 2023 and 23 March 2024 will receive a proportion of the increase and the rates can be seen below.  Pensions which began on or after 24 March 2024 are not due for an increase until April 2025.

 


Pensions increase
For pensions which began:Percentage increase
On or before 23 April 2023

6.7%

24 April 2023 to 23 May 2023

6.14%

24 May 2023 to 23 June 2023

5.58%

24 June 2023 to 23 July 2023

5.03%

24 July 2023 to 23 August 2023

4.47%

24 August 2023 to 23 September 2023

3.91%

24 September 2023 to 23 October 2023

3.35%

24 October 2023 to 23 November 2023

2.79%

24 November 2023 to 23 December 2023

2.23%

24 December 2023 to 23 January 2024

1.68%

24 January 2024 to 23 February 2024

1.12%

24 February 2024 to 23 March 2024

0.56%

 

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 2023 to 31 March 2024 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 6.7%.