Pensions Increase - April 2023
Posted: Sun Apr 23, 2023 8:27 pm
How much is the Pensions Increase?
This year the Pensions Increase is 10.1%
How is the Pensions Increase decided?
Pensions increase every April. The NESPF follows Local Government and Public Pension Scheme legislation which states that the Pensions Increase to be applied each April is to be based on the Consumer Prices Index (CPI) for the previous September.
So the 10.1% increase in April 2023, is based on the CPI rate from September 2022.
Will I receive the full 10.1%?
You will only receive the full 10.1% increase if:
you are over 55 (or under 55 but retired on ill health), and
your pension payments began on or before 26th April 2021
If you are under age 55 and you did not retire due to ill health, then you will receive no increase. When you turn 55, your pension will increase to the level it would have been had it increased every year since you retired.
If you started your pension after 25th April 2022 you will only get part of the increase. The table below shows the percentage increase based on the date you started your pension.
Read the rest.
This year the Pensions Increase is 10.1%
How is the Pensions Increase decided?
Pensions increase every April. The NESPF follows Local Government and Public Pension Scheme legislation which states that the Pensions Increase to be applied each April is to be based on the Consumer Prices Index (CPI) for the previous September.
So the 10.1% increase in April 2023, is based on the CPI rate from September 2022.
Will I receive the full 10.1%?
You will only receive the full 10.1% increase if:
you are over 55 (or under 55 but retired on ill health), and
your pension payments began on or before 26th April 2021
If you are under age 55 and you did not retire due to ill health, then you will receive no increase. When you turn 55, your pension will increase to the level it would have been had it increased every year since you retired.
If you started your pension after 25th April 2022 you will only get part of the increase. The table below shows the percentage increase based on the date you started your pension.
Read the rest.