Pension increase 2023 and pension payment dates

Below are details of the headline increases to pensions in payment for the financial year 2023/24 with effect from 10 April 2023 (the first Monday following 6 April):

• Pensions accrued up to 5 April 1997 in excess of the Guaranteed Minimum Pension (GMP) will receive an increase of 10.1%per annum. This increase is in line with the change in the Consumer Price Index (CPI) for the 12-month period to 30 September 2022.
• Pensions accrued after 5 April 1997 receive increases based on the Retail Price Index (RPI), capped at 5%. However, at times when RPI inflation rises above 5%, the Scheme Rules stipulate that CPI is instead applied, which is uncapped. This means that CPI will also be used to increase post-April 1997 pensions this year, with an increase of 10.1% per annum.
• The rate of increase to be applied to GMP is statutory. No increase is applied to pre-88 GMP, but Post-88 GMP is increased In line with CPI to a maximum of 3%.

Deferred members whose pensions became payable in the last 12 months will also receive a pro-rata increase based on the above percentages.

Members are advised to refer to their individual letter setting out the calculation of their annual pension increase issued by the Scheme administrator, Buck.

Pay dates for pensions in payment for the upcoming year (2023/24) can be found here.