Commons Sense

House of Commons · Written Ministerial Statement

Public Service Pension Scheme Indexation and Revaluation 2020

25 February 2020 · Treasury

Proposed by Steve Barclay Con North East Cambridgeshire

Benefits & Welfare

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The annual indexation and revaluation of public service pensions will be increased by 1.7% from April 6, 2020.
  • Recent pension recipients will receive a pro-rata increase in their public service pensions.
  • For career average schemes introduced in 2014-2015, revaluation rates are specified as either 1.7% for prices or 4% for earnings.

Issue summary

The statement addresses the annual indexation and revaluation of public service pensions in accordance with legislative requirements.

Action requested

Public service pensions will be increased by 1.7% from April 6, 2020, reflecting the Consumer Prices Index up to September 2019, except for recent recipients who receive a pro-rata increase. For career average schemes introduced in 2014-2015, revaluation rates are specified as either 1.7% for prices or 4% for earnings.

Key facts

  • Public service pensions will be increased by 1.7% from April 6, 2020.
  • Revaluation for career average public service pension schemes introduced in 2014 and 2015 uses a measure of prices at 1.7% or earnings at 4% based on scheme regulations.
  • The earnings element revaluation rate is 4%, determined by the whole economy year-on-year change in average weekly earnings up to September 2019.
▸ Assessment & feedback
Summary accuracy