Published
18th March 2024
The pension we pay you is adjusted each year to ensure your pension keeps pace with the cost of living.
HM Treasury issue a Pensions Increase (PI) review order which tells us how much to increase your pension by each year. The Order is currently linked to the Consumer Prices Index (CPI) and is based on CPI as at the previous September.
CPI at September 2024 was 6.7% which means that your LGPS pension will increase by 6.7% from 8 April 2024. (The first Monday of the new tax year).
Pension increases are normally paid to:
If your pension has been in payment for less than a year, you will only receive part of the increase this year. The table below shows how much your pension will increase by based on the date your pension started:
Date your pension started |
% Increase |
|
23/04/2023 and before |
6.70% |
|
24/04/2023 to 23/05/2023 |
6.14% |
|
24/05/2023 to 23/06/2023 |
5.58% |
|
24/06/2023 to 23/07/2023 |
5.03% |
|
24/07/2023 to 23/08/2023 |
4.47% |
|
24/08/2023 to 23/09/2023 |
3.91% |
|
24/09/2023 to 23/10/2023 |
3.35% |
|
24/10/2023 to 23/11/2023 |
2.79% |
|
24/11/2023 to 23/12/2023 |
2.23% |
|
24/12/2023 to 23/01/2024 |
1.68% |
|
24/01/2024 to 23/02/2024 |
1.12% |
|
24/02/2024 to 23/03/2024 |
0.56% |
For the all our latest news, please see our Pensioners Newsletter 2024.
The Government confirmed that the State Pension will continue to rise in line with the government’s ‘triple lock’. The triple lock guarantees that increases will be the highest of three measures – CPI inflation, average earnings or 2.5%. This means that the State Pension will increase by 8.5% (in line with average earnings growth) from April 2024.
This is where things get a little complicated. Prior to 6 April 2016 the LGPS was contracted-out of the State Second Pension (formerly known as SERPS - the State Earnings Related Pension Scheme). When you reach state pension age you will receive a notice from HM Revenue & Customs giving details of your Guaranteed Minimum Pension (GMP) (this is the amount that is guaranteed to be paid to you by the LGPS had you not been contracted-out of the State Second Pension).
Your GMP is already included in the total pension you receive from the Highland Council Pension Fund. From state pension age, therefore, your pensions increase will be paid from 2 sources, HM Revenue & Customs and the Highland Council Pension Fund.
Please note: if your pension contains a pre1988 element of Guaranteed Minimum Pension (GMP) any increase due on this part of your pension will be paid by the State. The pre 1988 GMP value will be deducted from your total Highland Council pension before the increase is applied.
