Policy paper

Note by HM Treasury 2021 pensions increase multiplier tables

Published 12 January 2021

This was published under the 2019 to 2022 Johnson Conservative government

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This publication is available at https://www.gov.uk/government/publications/public-service-pensions-increase-2021/note-by-hm-treasury-2021-pensions-increase-multiplier-tables

  1. This paper gives details of the multiplier tables for public service pensions, which take effect from 12 April 2021.

  2. Section 59 of the Social Security Pensions Act 1975 (as amended) provides for public service pensions to be increased annually by the same percentage as additional pensions (State Earnings Related Pension and State Second Pension). As the Secretary of State for Work and Pensions has confirmed, benefits such as additional pensions will be increased by 0.5 per cent from April 2021, in line with the increase in the Consumer Prices Index in the 12 months to September 2020. The Chief Secretary to the Treasury then made a Written Statement on 12 January 2021 confirming that public service pensions would also be increased by the same percentage, which is 0.5 per cent, from 12 April 2021.

  3. We expect the Pensions Increase (Review) Order to be laid during March 2021. The attached spreadsheet (containing Annex B for increases to pensions in payment and Annex C for increases to lump sums) sets out the increases and multipliers that apply to preserved pensions and lump sums from 12 April 2021.

  4. The tables in Annex B and Annex C are available on gov.uk

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