Change to the annual revaluation date
The LGPS (Amendment) Regulations 2023 move the annual revaluation date from 1 to 6 April 2023, and thereafter on each 6 April, for all members.
Read further details in the Local Government Association (LGA) bulletin 234A
The revaluation percentage for the scheme year ending 31 March 2024 is 6.7%.
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 Year | Opening balance of pension account | Pensionable pay | Calculation of pension | Closing balance of pension account | Revaluation | Total pension |
|---|---|---|---|---|---|---|
| 2014-15 | £0.00 | £14,700 | £14,700/49 = £300.00 | £300.00 | 1.2% 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