An increase to your pension is payable if you’re over age 55 or are receiving:
- an ill health pension
- an adult dependant’s pension
- a children’s pension
- injury benefits.
The annual increase is based on the Consumer Price Index (CPI). This is set by HM Treasury every year.
Visit the GOV.UK website for information on the yearly increases.
Pension increases will be applied on the first Monday on or after 6 April each year.
You’ll receive an ‘advice of payment’ detailing your new rate and percentage increase in your April and May payments. We cannot advise you of the Pension Increase (PI) value before April.
If your pension started part way through the year, you’ll receive a lower percentage increase.