Pensions Increases (Act) 1971 and subsequent legislation
All public service pensions (of which the Local Government Pension Fund is one) are increased each year to reflect the rises in the cost of living. This is sometimes called inflation proofing or index linking.
The LGPS offers full index linking to pension benefits ie there is no upper limit or capping on the amount by which benefits will be increased in times of high inflation.
Pensions Increase is normally paid to:
- pensioners who are aged 55 or over; or
- pensioners who have retired for the reason of permanent ill health at any age; or
- spouses and dependants of former pensioners
Pensions increase 2018
Southwark pensions which have been in payment for a year will be increased by 3% from 9 April 2018 in line with the September-to-September increase in the Consumer Prices Index (CPI). Any pension which has been in payment for less than a year will be increased by a proportionate amount depending upon the number of months it has been in payment.
The increased amount (plus arrears) will be paid to you with your May pension payment.
We will be issuing a pensioner newsletter confirming the amount of your increase.
For information the rates of pensions increase for the last 10 years are:
- 07 April 2008 3.9%
- 06 April 2009 5.0%
- 12 April 2010 0.0%
- 11 April 2011 3.1%
- 09 April 2012 5.2%
- 08 April 2013 2.2%
- 07 April 2014 2.7%
- 06 April 2015 1.2%
- 11 April 2016 0.0%
- 10 April 2017 1.0%
More information about the pensions increase order can be found by following this link.
Page last updated: 13 March 2018