What is Pensions Increase?
Public service pensions are increased under the provisions of the Pensions (Increase) Act 1971 and Section 59 of the Social Security Pensions Act 1975. The latter provides for public service pensions to be up-rated at the same time and by the same percentage as the increase in the additional pension provided under the state earnings-related pension scheme (SERPs), which is based on the September-to-September increase in the consumer prices index (CPI). The underlying purpose of this legislation is to maintain the purchasing power of state retirement and public service pensions.
Pensions Increase 2013
The Government have confirmed that local government pensions which have been in payment for a year will be increased by 2.2 per cent from 8 April 2013.
What if my pension has not been in payment for a full year?
Any pension which has been in payment for less than a year will be increased by a proportionate amount depending upon the number of months it has been in payment. The percentage increase for those members who retired in the last 12 months are as follows:
Retirement date % increase
From 24 February 2013 to 23 March 2013 0.18%
From 24 January 2013 to 23 February 2013 0.37%
From 24 December 2012 to 23 January 2013 0.55%
From 24 November 2012 to 23 December 2012 0.73%
From 24 October 2012 to 23 November 2012 0.92%
From 24 September 2012 to 23 October 2012 1.10%
From 24 August 2012 to 23 September 2012 1.28%
From 24 July 2012 to 23 August 2012 1.47%
From 24 June 2012 to 23 July 2012 1.65%
From 24 May 2012 to 23 June 2012 1.83%
From 24 April 2012 to 23 May 2012 2.02%
From 25 March 2012 to 23 April 2012 2.20%
I have been receiving my pension for over 12 months but I have not received the full increase.
If you paid into the Scheme before 6 April 1997 and have now reached State pension age you probably have what is called a GMP - a guaranteed minimum pension. This is not a separate pension but the minimum amount your pension from us has to at least equal. GMP's also attract pensions increase but some or all of this pensions increase is paid with your State pension.
I am under age 55, why hasn't my pension increased?
If you are under the age of 55 and in receipt of your pension, it will only increase if you retired on the grounds of ill health, or if your deferred pension was brought into payment early because of ill health and you are permanently incapacitated from engaging in any regular full-time employment. At the age of 55, your pension will increase to the level it would have been had it been increased every year since your date of retirement.