You will only receive the full 1.7% increase if:
If you are under age 55 and you did not retire due to ill health, then you will receive no increase. When you turn 55, your pension will increase to the level it would have been had it increased every year since you retired.
If you started your pension after 21st April 2019 you will only get part of the increase. The table below shows the percentage increase based on the date you started your pension.
|Date Pension Began||Pensions Increase|
|On or before 21 April 2019||1.7%|
|22 April 2019 to 21 May 2019||1.56%|
|22 May 2019 to 21 June 2019||1.42%|
|22 June to 21 July 2019||1.28%|
|22 July 2019 to 21 August 2019||1.13%|
|22 August 2019 to 21 September 2019||0.99%|
|22 September 2019 to 21 October 2019||0.85%|
|22 October 2019 to 21 November 2019||0.71%|
|22 November 2019 to 21 December 2019||0.57%|
|22 December 2019 to 21 January 2020||0.43%|
|22 January 2020 to 21 February 2020||0.28%|
|22 February 2020 to 21 March 2020||0.14%|
The increase is applied on 6th April 2020. As this is part way through the month, only part of your pension will increase. From May onwards, your monthly pension will include the full increase. A payslip is issued to you in April confirming your new pension amount. If it has increased by 50p or more per month, you will also receive a payslip in May showing your new full monthly payment.
If the cost of living is negative or zero your pension will not increase that year. Instead its value will remain the same.
The NESPF office will be closed from 4pm on Thursday 24th of December until 10am on Tuesday 5th January for the Christmas break.
The North East Scotland Pension Fund is delighted to announce we have moved to a new office.
Considering your pension value sooner rather than later can make a huge difference in ensuring you are on track for the retirement you want.
Pension Scams are on the rise, learn more about how these operate, how to protect yourself and what action to take if you are approached.