LGPS - Calculaion


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


  • Dazed_and_C0nfused
    Dazed_and_C0nfused Forumite Posts: 11,552
    10,000 Posts Third Anniversary Name Dropper
    Basically yes.

    You accrue 1/49th once and that is revalued each year using the CPI rate from the previous September.
  • Maria2512
    Maria2512 Forumite Posts: 37
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Thanks, so for 22/23 it will be +10.1%
  • MX5huggy
    MX5huggy Forumite Posts: 6,787
    Part of the Furniture 1,000 Posts Name Dropper
    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
    la531983 Forumite Posts: 908
    500 Posts Name Dropper
    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. 
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