CPI 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.
More information from Narpo HQ
State Pension recipients are expected to be awarded 4.1% from April 2025 due to the triple lock benefit.