You will only receive the full 3.1% 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 26th April 2021 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||Pension Increase|
|On or before 26 April 2021||3.10%|
|27 April 2021 to 26 May 2021||2.84%|
|27 May 2021 to 26 June 2021||2.58%|
|27 June 2021 to 26 July 2021||2.33%|
|27 July 2021 to 26 August 2021||2.07%|
|27 August 2021 to 26 September 2021||1.81%|
|27 September 2021 to 26 October 2021||1.55%|
|27 October 2021 to 26 November 2021||1.29%|
|27 November 2021 to 26 December 2021||1.03%|
|27 December 2021 to 26 January 2022||0.78%|
|27 January 2022 to 26 February 2022||0.52%|
|27 February 2022 to 26 March 2022||0.26%|
The increase is applied on 11th April 2022. 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.
Unaudited Annual Accounts 2021-22 are now available for public inspection.
Unaudited Annual Accounts 2021-22 available in July for public inspection.
Deferred members of the NESPF are now able to view their online Pension Statement for 2022.
With this article, we aim to delve behind the scenes into how exactly we keep the wheels of the Fund turning.