Pension increase for 2020 expected to be 1.7%
The pension increase for 2020 is expected to be 1.7% for those who are paid the full increase. The level of the increase is based on the CPI at September of the previous year. The CPI is the Government’s measure of how prices are rising or falling. The Treasury confirm the amount in March 2020 and we’ll let you know the final amount in the Spring Penfriend and on your April payslip.
If the increase is confirmed, your pension will go up from 6 April 2020 by the full increase of 1.7% if:
• your pension started before 7 April 2019 and you are over age 55
• you are paid a widow/widower, child, or partner’s pension
• you retired due ill health (unless you were a deferred member under age 55 deemed not permanently incapacitated from employment.)
If your pension started after 7 April 2019, you will receive part of the increase.