Pensions increase
Your Local Government Pension Scheme (LGPS) pension is revalued each April according to the Consumer Price Index (CPI).
HM Treasury issue a Pensions Increase (PI) review order telling us how much to increase your pension by each year. This figure is based on the CPI as at the previous September. We don’t have any discretion over this amount. If the figure is negative, your pension will remain the same, it will not decrease.
The pensions increase for 2024 is 6.7%.
Pension Increases (PI) for the previous 6 years are set out in the table below.
| Year | Pensions increase (%) |
|---|---|
| 2018 | 3.0 |
| 2019 | 2.4 |
| 2020 | 1.7 |
| 2021 | 0.5 |
| 2022 | 3.1 |
| 2023 | 10.1 |
The Buckinghamshire Pension Fund will pay the full 6.7% increase for most pensioners. However, if you paid into the LGPS between 6 April 1978 and 5 April 1997, and reached State Pension age before 6 April 2016, the government will pay some of the increase due to you as part of your State Pension. You can find out more about the Guaranteed Minimum Pension (GMP).
Eligibility for the pension increase
You are entitled to receive pensions increase if you are:
- aged 55 or over
- receiving a survivor’s or dependant’s pension
- you retired on the grounds of ill-health
If you started receiving your pension in the last tax year
If your pension was deferred before you started taking it, you will receive the full pension increase.
If you took your pension when you left you LGPS employment between 24 April 2023 and 23 March 2024, you will receive a proportion of the increase as shown in the table below.
| Pension beginning | Pensions increase (%) |
|---|---|
| 24 April 2023 to 23 May 2023 | 6.14% |
| 24 May 2023 to 23 June 2024 | 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% |
Your April payment
The pension increase applies from the first Monday after the start of the new tax year, therefore your April pension will not be increased for the whole month. For example, this year’s increase will apply from 8 April. Pension for the period 1 to 7 April will not have the increase applied.
If you have a Guaranteed Minimum Pension on your record, any applicable increase to this element of your pension will apply from 8 April. Visit the Guaranteed Minimum Pension webpage for more information.
Your May pension will have the full monthly increase applied, and this will be the amount you will receive going forward.
State pension
State Pensions are increased in April each year. The basic State Pension increases each year by the highest of the following:
- Earnings – the average percentage increase in UK wages
- Prices – the percentage increase in the cost of living (CPI)
- 2.5%
Each year, the government confirms how much State Pension will increase by. In 2024, the increase will be 8.5%. You can find out more about the State Pension, including an estimate of State Pension if yours is not yet in payment, on the GOV.UK website.
Any queries about State Pension should be directed to the DWP. Contact the DWP online.
Contact us about your pension
Details of how to Contact us about your pension