This will be applied in full, from 10 April this year, to those members who have been receiving their pension for the whole of the 2022-2023 tax year (April 2022 to March 2023). Salary growth The salary increase assumption at the latest valuation has been set to 1% above . PDF Local Government Pension Scheme 2022/01 - pensions.gov.scot LGPS pensions did not go down from April 2016 despite the UK being in deflation. The increase is due from 11 April 2022 and you'll normally get the increase if. Read previous copies of the Open Lines newsletter, Find out about the percentage increase in previous years. The increase to State Pensions applies across Scotland, Wales and England. PDF LGPC Bulletin 221- Annual update 2022 - lgpslibrary.org Thinking of opting out, leaving or retiring? The pension increase for 2023 will be based on 10.1%. We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the. The increase is set by HM Treasury under the Pension (Increase) Act 1971. The governments Pensions Increase (Review) order tells public-sector pension schemes like ours how much we should increase pensions by. Copyright 2022. As a result, some or all of the pensions increase applying to GMP are paid as part of the State Pension. State Pension and benefit rates for 2022 to 2023 confirmed If you take your benefits before then, then your pension in payment will receive this uplift. When expanded it provides a list of search options that will switch the search inputs . The change to your pension is detailed in your April 2023 payslip. Pensions which began on or after 27 March 2022 are not . The amount of increase is not set by the Fund.