LGPS - Calculaion

Maria2512

Hi,

when calculating pension in the care scheme is the calculation Pensionable pay / 49 + CPI adjustment?

Dazed_and_C0nfused

Basically yes.

You accrue 1/49th once and that is revalued each year using the CPI rate from the previous September.

Maria2512

Thanks, so for 22/23 it will be +10.1%

MX5huggy

If you’re looking at your latest statement, if it’s like mine the CPI increase is not as you would expect be the statement date is 31/03/2023 and the CPI increase is applied on 06/04 so the CPI increase shown is CPI from September 2021 which was 3.1%. Next years statement will be the 10% plus one. 

la531983

Maria2512 said:

Thanks, so for 22/23 it will be +10.1%

Yes however they are slow in adding it to the annual statements, the one that came out this week for the year end 22/23 didn't have it on and had the 21/22 adjustment on it (three percent or so from memory) , it only appears on the next one.