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The Pensions Increase (Review) Order 2024
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- 2024 No. 331
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
Under section 59 of the Social Security and Pensions Act 1975 (c. 60) (increase of official pensions) where the Secretary of State for Work and Pensions, under section 151(1) of the Social Security Administration Act 1992 (c. 5), directs that the sums in section 150(1)(c) of the 1992 Act are to be increased by a specified percentage, the Treasury shall provide by order for the increase in the rates of public service pensions. The Pensions (Increase) Act 1971 (c. 56) defines certain terms, sets out when a pension “begins” and how the increase applies to lump sums.
The increase to be applied is the same as the percentage by which the Secretary of State for Work and Pensions has, by direction under the Social Security Administration Act 1992, increased the additional pension entitlements accruing to employees in respect of earnings for service after 5th April 1978.
For pensions which began before 10th April 2023 the increase is 6.7 per cent. For pensions which began on or after the 10th April 2023 the increases (following the calculation set out in article 3) are as follows—
| Pensions beginning | Pensions increase |
|---|---|
| 10th April 2023 to 23rd April 2023 | 6.7% |
| 24th April 2023 to 23rd May 2023 | 6.14% |
| 24th May 2023 to 23rd June 2023 | 5.58% |
| 24th June 2023 to 23rd July 2023 | 5.03% |
| 24th July 2023 to 23rd August 2023 | 4.47% |
| 24th August 2023 to 23rd September 2023 | 3.91% |
| 24th September 2023 to 23rd October 2023 | 3.35% |
| 24th October 2023 to 23rd November 2023 | 2.79% |
| 24th November 2023 to 23rd December 2023 | 2.23% |
| 24th December 2023 to 23rd January 2024 | 1.68% |
| 24th January 2024 to 23rd February 2024 | 1.12% |
| 24th February 2024 to 23rd March 2024 | 0.56% |
Article 3(3) of the Order provides for increases on certain deferred lump sums which become payable on or after 10th April 2023 and before 8th April 2024.
The Order also makes provision for the amount by reference to which any increase in the rate of an official pension is to be calculated, to be reduced by the amount equal to the rate of any guaranteed minimum pension entitlement deriving from the employment which gives rise to the official pension.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.
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