September 2024
The Consumer Prices Index (CPI) rose by 1.7% in the 12 months to September 2024, down from 2.2% in August.
Full details can be found on the ONS website
Public service pensions in payment are increased each April in line with prices, measured according to the annual increase in the Consumer Prices Index (CPI) to September of the previous year. This is in line with the statutory requirement to increase public service pensions in payment each year by the same rate as the additional State Pension set out in the Pensions Increase Act 1971 and Section 59 of the Social Security Pensions Act 1975
The process for an increase Public Sector Pension is the same each year. The Statutory Instrument (SI) and Treasury Order goes through Parliament and this is expected in January 2025.
September 2023
The ONS published the Consumer Price Index (CPI) for September 2023 and this stands at 6.7%.
Full details can be found on the ONS website
Public service pensions in payment are increased each April in line with prices, measured according to the annual increase in the Consumer Prices Index (CPI) to September of the previous year. This is in line with the statutory requirement to increase public service pensions in payment each year by the same rate as the additional State Pension set out in the Pensions Increase Act 1971 and Section 59 of the Social Security Pensions Act 1975
The process for an increase Public Sector Pension is the same each year. The Statutory Instrument (SI) and Treasury Order goes through Parliament and this is expected in January 2024.
April 2023
Yesterday (20/02/2023), the Chief Secretary to the Treasury, John Glen, made a written statement to the House of Commons on public service pensions increase.
Mr Glen stated that public service pensions will be “increased from 10 April 2023 by 10.1 per cent, in line with the annual increase in the Consumer Prices Index up to September 2022, except for those public service pensions which have been in payment for less than a year, which will receive a pro-rata increase.” He noted that this was because “Legislation governing public service pensions in payment requires them to be increased annually by the same percentage as additional pensions (State Earnings Related Pension and State Second Pension).”
Mr Glen further commented that “As announced by the then Secretary of State for Health and Social Care as part of the Government’s Plan for Patients on 22 September 2022, the effective date of revaluation will be 6 April 2023 for the NHS Pension Scheme England & Wales, subject to a consultation by the Department for Health and Social Care. The NHS Pension Scheme (Scotland), the Local Government Pension Scheme England & Wales and the Local Government Pension Scheme (Scotland) will also use 6 April 2023 as the effective date, subject to consultation and other processes by the Scottish Government and the Department for Levelling Up, Housing and Communities. For all other schemes in scope of this Order, the effective date of revaluation remains 1 April 2023.”
Following the ministerial statement, HM Treasury published a covering note and multiplier tables for public service pensions for 2023.
Separately, Connect will be monitoring the second reading in the Commons of the Social Security (Additional Payments) (No.2) Bill.
September 2022
The ONS published the Consumer Price Index (CPI) for September 2022 and this stands at 10.1%.
Full details can be found on the ONS website
Public service pensions in payment are increased each April in line with prices, measured according to the annual increase in the Consumer Prices Index (CPI) to September of the previous year. This is in line with the statutory requirement to increase public service pensions in payment each year by the same rate as the additional State Pension set out in the Pensions Increase Act 1971 and Section 59 of the Social Security Pensions Act 1975
The process for an increase Public Sector Pension is the same each year. The Statutory Instrument (SI) and Treasury Order goes through Parliament and this is expected in January 2023
At a meeting of the Public Services Pensioners Council (PSPC) on 23rd November 2022, it was confirmed that the 10.1% CPI figure will be applied to Public Sector Pensions in accordance with the legislation and process of previous years.