Your deferred benefits and refund

Your benefits will remain deferred within the Tyne and Wear Pension Fund until they become payable or until you decide to transfer them.

Deferred Benefits are increased each April in line with the Consumer Price Index (CPI), also known as the 'Cost of Living Increase.' The pensions increase this year was 6.7% and was effective from 8 April 2024.

Please note: The first increase to your deferred benefits will normally only be a proportion of the full increase.  If you leave part way through the year, you will only be entitled to part of the increase. In some cases, the increase may be zero if you leave later on in the year. More information can be found in the tables below and on the LGPS national website page: https://www.lgpsmember.org/faqs/how-are-pension-increases-calculated/. 

Each year you will receive an annual statement showing the value of your deferred benefits.

A table of the most recent years pension increase is below:

  How the increases are worked out

Any increases are set by the Government each year and are applied to your pension in April.

If you became a deferred member since 24 April 2023 your first increase in 2024 may only be a proportion of the full increase as shown below: