Published
3rd April 2024
Information about the Pensions Increase 2024
Pensions Increase 2024
The Annual Pensions Increase for 2024 is 6.7%, payable from 8th April 2024.
Your annual pension will therefore be increased by 6.7% from 8th April 2024 (but see the exceptions below).
The increase of 6.7% is the same as the rise in the Consumer Price Index for the year to September 2023 – 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:
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. 6.7%).
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 8th 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-88 and/or Post-88 elements. The pensions increase on your pre-1988 GMP is paid with your State Pension. The pensions increase on your post-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 GMP 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 2024
