Revaluation of pension from 1 April 2014

The revaluation percentage for the scheme year ending 31 March 2024 is 6.7%.

The annual revaluation date is 6 April. The LGPS (Amendment) Regulations 2023 moved the annual revaluation date from 1 to 6 April 2023, and thereafter on each 6 April, for all members.

How your pension is revalued

From 1 April 2014, you build up a pension of 1/49th of your annual pensionable pay each year. If you are in the 50/50 section of the scheme you build up 1/98th of your annual pensionable pay.

On 6 April each year, the pension you have built up from 1 April 2014 is revalued to reflect the cost of living.

The revaluation is carried out under Treasury Revaluation Orders. It instructs that the revaluation rate is in line with the Consumer Price Index (CPI) at the previous September.

Find out the revaluation percentages for previous years

Example

You had pensionable pay of £14,700 in 2014-15 and £14,847 in 2015-16.
The revaluation to be applied was 1.2% for 2014-15 and -0.1% for 2015-16.
Your pension that you built up between 1 April 2014 and 31 March 2015 is revalued by 1.2% in line with the cost of living.
The total pension you built up between 1 April 2014 and 31 March 2016 is revalued by -0.1% in line with the cost of living.

Scheme YearOpening balance of pension accountPensionable payCalculation of pensionClosing balance of pension accountRevaluationTotal pension
2014-15£0.00£14,700£14,700/49 = £300.00£300.001.2% x £300.00 = £3.6£300.00 + £3.60 = £303.60
2015-16£303.60£14,847£14847/49 = £303.00£303.60 + £303.00 =£606.60-0.1% x £606.60 = -£0.61£606.60 +       -£0.61 = £605.99

More than one job

If you have more than one current job, you will have a separate pension account for each employment. The revaluation will apply to each current pension account separately.

Paying additional contributions

If you pay Additional Pension Contributions (APCs) to buy extra pension, the proportion of additional pension purchased in each year is added to your pension account and revalued.

Transfers

If you transfer a previous pension to buy CARE pension in the LGPS, the amount of pension that the transfer purchased is added to your pension account in the year the transfer takes place.

Leaving your job

If you leave your job, your current pension account may be moved to a deferred account and held until your normal pension age. Find out how your deferred benefits keep their value

Taking your pension

If you take your pension, it receives pension increase in line with the cost of living after it is paid. Find out about pensions increase