LGPS pensions to increase by 10.1% in April
Each April your LGPS pension is revalued to keep up with the cost of living. The revaluation rate is based on the previous September’s Consumer Price (CPI) Index rate.
In a statement made to HM treasury on 20 February 2023, the government confirmed LGPS pensions in payment will increase by the September 2022 CPI rate of 10.1%. Pensions that have been in payment for less than a year will receive a pro-rata increase.
The pensions increase will apply to your pension from 10 April 2023. This means that your April pension will be less than your May pension when the increase is applied to the whole month.
You will receive a printed payslip in May confirming your new pension rate going forward, but you can check your pension payments any time by logging into ‘my pension online’
Pensions built up after 1 April 2014 that are not yet in payment will also receive the increase. It will apply to active and deferred pensions from 6 April 2023.
We will issue annual benefit statements this summer which will show the value of your pension at 31 March 2023.
When it’s ready, we’ll upload your statement ‘my pension online’ and if we have your email address, we’ll send you a message to let you know.
We only post statements to those that have opted out of ‘my pension online’.