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Public Service Pension Scheme Indexation and Revaluation 2022

20 January 2022

Proposing MP
Simon Clarke Con
Middlesbrough South and East Cleveland
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

Issue Summary

The statement discusses the annual indexation and revaluation of public service pensions in April 2022.

Action Requested

Public service pensions will be increased by 3.1% from 11 April 2022, except for those in payment less than a year which will receive a pro-rata increase. Earnings-based schemes will see an increase of 4.1%. These changes ensure pensions reflect cost-of-living adjustments.

Key Facts

  • Public service pensions are increased annually by the same percentage as additional pensions.
  • The annual increase in public service pensions is 3.1% from 11 April 2022, except for those in payment less than a year which receive a pro-rata increase.
  • Earnings-based schemes will see an increase of 4.1%.
  • Revaluation rates vary across different public service schemes: Police (4.35%), Firefighters (4.1%), Civil Service (3.1%), NHS (4.6%), Teachers (4.7%), LGPS (3.1%), Armed Forces (4.1%), Judicial (3.1%).
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