The rate does not reflect the performance of the Staffordshire Pension Fund. The increase applies to you whether you are a deferred member, a pensioner member, or one of their dependants.
If you are in receipt of a pension it will be increased each April if you:
- are aged 55 or over
- retired on ill health grounds
- are receiving a widow's, widower's, partner's or child's pension
If you don't fall into one of these groups, your pension will still attract the increase but it will not be paid until your 55th birthday.
Please note: in this case, arrears of pensions increase prior to age 55 are not payable to you.
If you have a 'deferred pension', pensions increase will be applied to your pension during its period of 'deferral'. This will be shown on your annual benefit statement issued by Pension Services.
After your deferred benefit is bought into payment, it will attract increases as shown above.
Pension increase rates
Pension increases 2017-2022
Summary of rates 2011 to 2015
|6 April 2015
|7 April 2014
|8 April 2013
|9 April 2012
|11 April 2011
Please note: there was no increase to the LGPS pensions in 2016.
Change in annual revaluation / inflation proofing method
In his emergency budget statement on 22 June 2010 the Chancellor, George Osborne announced that in future annual increases for public sector pension schemes will be linked to the annual rise in the Consumer Price Index (CPI), rather than the retail price index (RPI), which was used to calculate annual 'pensions increase orders' previously.
The change affected 'deferred' benefits (pension and lump sum) as well as pensions currently in payment. The CPI index is based on a wider 'basket' of goods and services but excludes changes in housing costs. This change applied from April 2011.