House of Commons · Written Ministerial Statement
Public Service Pension Scheme Indexation and Revaluation 2024
25 January 2024 · Treasury
Proposed by Laura Trott Con Sevenoaks
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- Public service pensions will be increased by 6.7% from April 8, 2024.
- Career average revalued earnings schemes will use a prices measure of 6.7% and an earnings measure of 7.7% from April 1, 2024.
- The increase reflects the Consumer Prices Index up to September 2023.
Issue summary
The statement addresses the annual revaluation and indexation of public service pensions for 2024, including the increase in pension payments based on inflation measures.
Action requested
Public service pensions will be increased by 6.7% from April 8, 2024, reflecting the Consumer Prices Index up to September 2023. Additionally, career average revalued earnings schemes will use a prices measure of 6.7% and an earnings measure of 7.7%, effective from April 1, 2024.
Key facts
- Public service pensions will be increased by 6.7 per cent from 08 April 2024.
- The earnings measure for career average revalued earnings schemes is 7.7 per cent.
- The prices measure for these schemes is 6.7 per cent.
- Effective date of revaluation is 1 April 2024, but some schemes have moved it to 6 April 2024.
- Police pensions will be revalued at 7.95%.
▸
Assessment & feedback
Summary accuracy