LGPS Pensions to Increase by 1.7% this April
Every 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 Index (CPI). This year, in a statement made by HM Treasury on 11 February, the Government confirmed that LGPS pensions will be increased by 1.7%.
Pensions in payment
If you’re receiving a pension from us, your increase will apply from 7 April. 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 at any time by logging into ‘My Pension Online’.
Most people receiving a pension from us will receive the full increase, however, if you retired from your LGPS employment and took your pension after 23 April 2024, you will receive a partial increase as detailed in the table below:
| Pension beginning | Pension increase |
|---|---|
| 23 April 2024 to 22 May 2024 | 1.56% |
| 23 May 2024 to 22 June 2024 | 1.42% |
| 23 June 2024 to 22 July 2024 | 1.28% |
| 23 July 2024 to 22 August 2024 | 1.13% |
| 23 August 2024 to 22 September 2024 | 0.99% |
| 23 September 2024 to 22 October 2024 | 0.85% |
| 23 October 2024 to 22 November 2024 | 0.71% |
| 23 November 2024 to 22 December 2024 | 0.57% |
| 23 December 2024 to 22 January 2025 | 0.43% |
| 23 January 2025 to 22 February 2025 | 0.28% |
| 23 February 2025 to 22 March 2025 | 0.14% |
If you paid into the LGPS between 6 April 1978 and 5 April 1997 and reached State Pension Age before 6 April 2016, you will have GMP protection and some of the increase will be paid to you as part of your State Pension.
For more information and your essential annual updates, look out for In-Touch, our annual newsletter issued in April to those in receipt of a pension.
Pensions not yet in payment
If you’re currently paying in, your CARE pension (pension you built up after 1 April 2014) will be revalued according to this rate on 7 April. Any final salary pension you built up before this date will receive the increase when you leave or retire.
If your LGPS pension is deferred, you will receive the increase on 7 April.
Annual Benefit Statements will be issued over the summer. These will show the value of your pension up until 31 March and will reflect last year’s increase of 6.7%. Next year, you’ll be able to check your 2026 Annual Benefit Statement to see the value of this year’s increase reflected.
Don’t miss out on our communications!
As an LGPS member of the Buckinghamshire Pension Fund, you have access to our self-service portal ‘My Pension Online’ where we issue all communications to you safely and securely. If you haven’t yet registered, you may be missing out on accessing your Annual Benefit Statements and other notifications. If you have registered, please make sure that you keep your contact details up to date to ensure that we can remain in contact with you.