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Published

1st April 2022

Pensions Increase 2022

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Pensions Increase 2022

Information on the 2022 Pensions Increase

The Annual Pensions Increase for 2022 is 3.1%, payable from 11th April 2022.

Your annual pension will therefore be increased by 3.1% from 11th April 2022 (but see the exceptions below).

The increase of 3.1% is the same as the rise in the Consumer Price Index for the year to September 2021– the benchmark period for determining State Pension and Public Sector Pensions Increases.

Fife Pension Fund’s pensions are payable in arrears on the 15th of each month. This means that:

  • your payment on 15th April will only include 5 days at your new rate of pension
  • your payment on 15th May will be based entirely on your new rate of pension.

Retired Recently?

Normally, if you have been on pension for under 1 year, you will only get a proportion of the full increase (i.e. 3.1%).

If you are receiving a Survivor’s Pension with a short-term element (e.g. a widow, widower or child’s pension), the increase will only come into effect when the long-term element comes into payment – this may be later than 11th April.    

Under Age 55?

If you are under age 55, you will only be entitled to pensions increase if you retired on ill health grounds or you are receiving a Survivor’s Pension (e.g. a widow, widower or child’s pension).  

If you are under age 55 and you retired on health grounds having previously been a deferred member (i.e. your pension was not payable immediately after you left employment), then you are only entitled to pensions increase if you have been deemed unfit for all regular employment.         

Guaranteed Minimum Pension (GMP)

Your pension may include an element of GMP (from when you were in contracted out employment) and this may consist of Pre April 1988 and/or Post April 1988 elements.  The pensions increase on your pre 6th April 1988 GMP is paid with your State Pension.  The pensions increase on your post 5th April 1988 is payable by Fife Pension Fund (please note when the annual increase is in excess of 3%, the increase above 3% will be paid with your State Pension). 

If your pension contains a GMP element but you have attained State Pension Age since 6th April 2016, Fife Pension Fund will pay the pensions increase on both the GMP and non GMP elements of your pension.          

Likewise, if you have attained GMP Age (age 60 for females and 65 for men) but have not yet reached State Pension Age (and are therefore not in receipt of your State Pension), Fife Pension Fund will pay the pensions increase on both the GMP and non GMP elements of your pension.

 

Pensions Team

April 2022