Policy paper

Note by HM Treasury 2024 pensions increase multiplier tables

Published 25 January 2024

© Crown copyright 2024

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This publication is available at https://www.gov.uk/government/publications/public-service-pensions-increase-2024/note-by-hm-treasury-2024-pensions-increase-multiplier-tables

HM Treasury

Official Committee on Occupational Pensions

Note by HM Treasury

2024 Pensions increase multiplier tables

  1. This paper gives details of the multiplier tables for public service pensions, which take effect from 08 April 2024

  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 6.7 per cent from April 2024, in line with the increase in the Consumer Prices Index in the 12 months from September 2022 to September 2023. The Chief Secretary to the Treasury then made a Written Statement on 25 January 2024 confirming that public service pensions would also be increased by the same percentage, which is 6.7 per cent, from 08 April 2024.

  3. We expect the Pensions Increase (Review) Order to be laid during March 2024. 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 08 April 2024.

  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-2024

Liam Claughton

HM TREASURY

HM Treasury

1 Horse Guards Road

London SW1A 2HQ

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