Pension increase: annual rate and lump sums3
1
This article applies to an official pension if—
a
a qualifying condition is satisfied; or
b
the pension is—
i
a derivative pension;
ii
a substituted pension; or
iii
a relevant injury pension.
2
In relation to any period on or after 10th April 2023, the pension authority may increase the annual rate6 of the pension—
a
for a pension which began before 11th April 2022, by 10.1 per cent;
b
for a pension which began on or after 11th April 2022, by 10.1 per cent multiplied by—
where A is the number of complete months in the period between the beginning date of the pension and 10th April 2023.
3
In relation to a lump sum which is payable on or after 11th April 2022 but before 10th April 2023, the pension authority may increase the lump sum by 10.1 per cent multiplied by—
where A is the number of complete months in the period between the beginning date of the lump sum (or, if later, 11th April 2022) and the date on which it becomes payable.