LGPS pensions to receive a 6.7% boost this April
LGPS pensions are adjusted each year according to the CPI (Consumer Price Index) rate for the previous September. This ensures that the value of your pension is protected against the rising cost of living. This year LGPS pensions will be increased by 6.7%.
Pensions in payment
If you’re receiving a pension from us your increase will apply from 8 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 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 2023, you will receive a partial pro-rata increase.
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 March 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 6 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 8 April.
Annual benefit statements are due to be issued over the summer. These show the value of your pension up until 31 March and reflect last year’s increase of 10.1%. You can look at next summer’s statement to see the value of this year’s increase reflected.
Don’t miss out on our communications!
If we don’t have your correct email address, you may not be receiving our communications.
As an LGPS member, you have access to our free self-service portal ‘my pension online’ where we issue all communications to you safely and securely. If you haven’t registered yet, it’s really important that you do so to ensure we can notify you when we send something like your annual benefit statement or a newsletter.
‘My pension online’ has been upgraded. If you previously registered on the old site, you will need to complete a few simple steps to transfer your account over to the new site, see ‘my pension online’ for more information.
If you don’t want to use ‘my pension online’, contact us to confirm that you wish to opt out. That way we can ensure you get information sent to you in the post.
