Your deferred benefits and refund
What happens to your deferred benefits
Your benefits will remain deferred within the Tyne and Wear Pension Fund until they become payable or until you decide to transfer them.
Deferred Benefits are increased each April in line with the Consumer Price Index (CPI), also known as the 'Cost of Living Increase.' The pensions increase this year was 6.7% and was effective from 8 April 2024.
Please note: The first increase to your deferred benefits will normally only be a proportion of the full increase. If you leave part way through the year, you will only be entitled to part of the increase. In some cases, the increase may be zero if you leave later on in the year. More information can be found in the tables below and on the LGPS national website page: https://www.lgpsmember.org/faqs/how-are-pension-increases-calculated/.
Each year you will receive an annual statement showing the value of your deferred benefits.
A table of the most recent years pension increase is below:
Pensions Increase |
---|
8 April 2024 | 6.7 |
10 April 2023 | 10.1 |
11 April 2022 | 3.1 |
12 April 2021 | 0.5 |
6 April 2020 | 1.7 |
8 April 2019 | 2.4 |
9 April 2018 | 3.0 |
How the increases are worked out
Any increases are set by the Government each year and are applied to your pension in April.
If you became a deferred member since 24 April 2023 your first increase in 2024 may only be a proportion of the full increase as shown below:
Deferment date | Amount of Increase (%) |
---|---|
24 Apr 2023 - 23 May 2023 | 6.14 |
24 May 2023 - 23 Jun 2023 | 5.58 |
24 Jun 2023 - 23 Jul 2023 | 5.03 |
24 Jul 2023 - 23 Aug 2023 | 4.47 |
24 Aug 2023 - 23 Sep 2023 | 3.91 |
24 Sep 2023 - 23 Oct 2023 | 3.35 |
24 Oct 2023 - 23 Nov 2023 | 2.79 |
24 Nov 2023 - 23 Dec 2023 | 2.23 |
24 Dec 2023 - 23 Jan 2024 | 1.68 |
24 Jan 2024 - 23 Feb 2024 | 1.12 |
24 Feb 2024 - 23 Mar 2024 | 0.56 |
24 Mar 2024 onwards | 0.00 |