Pensions in payment are increased in accordance with the Pensions Increase (PI) that is applied to public service pensions each April.
PI is always applied on the first Monday falling on or after 6 April. PI this year will be 10.1%, which will be applied from 6 April 2023.
PI is based on the rate of Consumer Prices Index (CPI) in the year to the preceding September.
PI is also used, where applicable, for the revaluation of the final average salary used in the calculation of final salary pensions, as well as for the revaluation of additional pension elections and the annual revaluation of career average pension for deferred members.
Pensions in payment are increased in accordance with the Pensions Increase (PI) that is applied to public service pensions each April.
Career average revaluation
The revaluation to be applied to benefits that are accruing in the career average scheme is 11.7% for active members and 10.1% for deferred members.