LGPS - Calculaion

Hi,

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

Comments

  • Dazed_and_C0nfused
    Dazed_and_C0nfused Forumite Posts: 11,552
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    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
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    Thanks, so for 22/23 it will be +10.1%
  • MX5huggy
    MX5huggy Forumite Posts: 6,787
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    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
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    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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