We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
LGPS Pension
hansi
Posts: 3,001 Forumite
Just received my first pension for the new tax year. Very surprised that there is no cost of living increase this year!
0
Comments
-
It is increased by the rate of CPI. CPI for the relevant dates was negative so there is no increase.
Well documented, well known. Impacts all public sector pensions tied to CPI. The state pension is partly affected as well - the basic pension goes up because of the triple lock, Additional Pension from SERPS, S2P etc stays the same.0 -
Just received my first pension for the new tax year. Very surprised that there is no cost of living increase this year!
As greenglide says, pension increases in the LGPS are based on the 12 month CPI figure for the previous September. This figure was actually slightly negative, so you got the benefit of a zero percent underpin, in effect. Active members weren't so lucky - CARE revaluation is based on the same figure, but with no 0% underpin, so the value of their previously-accrued CARE pension went down.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards