Pensions Increase - April 2024
This year the pensions increase will be 6.7%
When will my pension increase?
The increase will be applied from 8th April 2024.
As this is part way through the month you will receive a partial increase for the month and then the full increase will be applied in May.
You will receive a payslip in April and May to show the increase to your pension. Your P60 will also be issued in May.
Will I get the full increase?
You will only receive the full increase if:
- You are over 55 or under 55 but retired on ill health (if under 55 and didn't retire on ill health your increase will be applied from your 55th birthday)
- Your pension payments began on or before 24th April 2023
If your pension began after 24th April 2023, you will not receive the full increase.
The table below shows the percentage increase based on the date your pension started.
| From | To | % |
|---|---|---|
| 24/02/24 | 23/03/24 | 0.56 |
| 24/01/24 | 23/02/24 | 1.12 |
| 24/12/23 | 23/01/24 | 1.68 |
| 24/11/23 | 23/12/23 | 2.23 |
| 24/10/23 | 23/11/23 | 2.79 |
| 24/09/23 | 23/10/23 | 3.35 |
| 24/08/23 | 23/09/23 | 3.91 |
| 24/07/23 | 23/08/23 | 4.47 |
| 24/06/23 | 23/07/23 | 5.03 |
| 24/05/23 | 23/06/23 | 5.58 |
| 24/04/23 | 23/05/23 | 6.14 |
| 26/03/23 | 23/04/23 | 6.7 |
Why has my pension gone down?
If you find that your net pay is lower than the previous month, after the increase has been applied, the most likely reason is that there has been a change to your tax code.
We cannot make any changes to your tax code, please contact HMRC directly for more information on 0300 200 3300.
More information about your pension can be found in our Pensioners area of our website here: https://www.spfo.org.uk/article/4386/Pensioners
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