The Local Government Pension Scheme (LGPS) for England and Wales is designed to offer significant value in retirement to people who have chosen to dedicate part or all of their careers to. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The 2023 pension increase for the Police, Firefighters and Local Government Pension Scheme (LGPS) will be 10.1 per cent. Written statements - Written questions, answers and statements - UK If we hadnt taken this action, State Pensions would have been frozen. Dont include personal or financial information like your National Insurance number or credit card details. We adjust pension benefits in April each year to reflect the cost of living. The pension increase for 2017 was based on 1.0. The pension increase for 2023 will be based on 10.1%. The pension increase for 2021 was based on 0.5%. How will your pension increase in retirement? News stories, speeches, letters and notices, Reports, analysis and official statistics, Data, Freedom of Information releases and corporate reports. %PDF-1.6 % Local government pension scheme | Local Government Association PDF LGPC Bulletin 221- Annual update 2022 - lgpslibrary.org Make a compliment, complaint or provide feedback, Dealing with financial affairs following a bereavement. State Pension and benefit rates for 2022 to 2023 confirmed Iain Campbell, Hymans Robertson senior investment consultant, explained that LGPS pension payments are linked to September's CPI, and, as a result, funds should expect payments to increase by at least 10% in April 2023. In taking this decision, the government carefully considered the fairest approach for both pensioners and younger taxpayers, many of whom have been hardest hit by the financial impacts of the pandemic.

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