Policy paper

Note by HM Treasury 2023 pensions increase multiplier tables

Published 20 February 2023

This was published under the 2022 to 2024 Sunak Conservative government

© Crown copyright 2023

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This publication is available at https://www.gov.uk/government/publications/public-service-pensions-increase-2023/note-by-hm-treasury-2023-pensions-increase-multiplier-tables

  1. This paper gives details of the multiplier tables for public service pensions, which take effect from 10 April 2023

  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 10.1 per cent from April 2023, in line with the increase in the Consumer Prices Index in the 12 months from September 2021 to September 2022. The Chief Secretary to the Treasury then made a Written Statement on 20 February 2023 confirming that public service pensions would also be increased by the same percentage, which is 10.1 per cent, from 10 April 2023.

  3. We expect the Pensions Increase (Review) Order to be laid during March 2023. 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 10 April 2023.

  4. The tables in Annex B and Annex C are available on the Treasury website at the following location: https://www.gov.uk/government/publications/public-service-pensions-increase-2023

Liam Claughton

HM TREASURY

HM Treasury

1 Horse Guards Road

London SW1A 2HQ

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