Your pension and the cost of living As prices go up year by year, the pound in your pocket buys less and less, but the good news is we increase LGPS benefits each year, to help them keep pace with inflation. We normally increase our pensions every April in line with prices. The government's preferred measure of inflation for such things is the Consumer Price Index (CPI).

The figure applying from April 2013 is 2.2%.

Which benefits do we increase each year?

• Pensions:  if you are drawing a pension from us, then as long as you meet the age criteria, we will increase it each year.
  

See here for more about pensions in payment

• Deferred benefits: if you have left the Fund and left your benefits on hold with us, these are known as deferred benefits. Whatever your age, your deferred pension – and lump sum if you have one – will be increased each April in line with CPI.
  

Once you begin to draw your deferred benefits, these will normally go up each year as well.

See here for more about pensions in payment

Back