Under rules set by the Government, your benefits are increased each year in line with the increase in the Consumer Prices Index - CPI (previously Retail Prices Index prior to 2011). 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. In this case, please note that 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
2018 Pensions Increase Rates (377KB)
2017 Pensions Increase Rates (235KB)
2015 Pensions Increase Rates (125KB)
2014 Pensions Increase Rates (203 KB)
2013 Pensions Increase Rates (145 KB)
2012 Pensions Increase Rates (6 KB)
2011 Pensions Increase Rates (7 KB)
2010 Pensions Increase Rates - HM Treasury Notes (18 KB)
2009 Pensions Increase Rates (19 KB)
2008 (and earlier) Pensions Increase Rates (16 KB)
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.
This change affects "deferred" benefits (pension and lump sum) as well as pensions currently in payment. It will only apply going forward in time and does not alter the current value of any benefits you have already earned or are receiving.
The CPI index is based on a wider "basket" of goods and services but excludes changes in housing costs. Over time the two indices will produce different results as can be seen in the graph below, which shows the relative differences since the CPI index was introduced.
RPI = Retail Prices Index
RPIX = RPI but excluding mortgage interest payments
CPI = Consumer Prices Index (the new measure)
This change applies from April 2011. Current Staffordshire Pension Fund literature and articles on this web site may refer to increases in line with the Retail Prices Index (RPI). We are currently working to update all these references, unfortunately this may take a while to complete. In view of this for the time being please take any reference to RPI to mean CPI.