Please note we will be closed Good Friday 2nd April and Easter Monday 5th April.
During this time you can still use our website, access your pension account online at www.sypensions.org.uk/mypension or email us at email@example.com and we will deal with your enquiry on our return to work.
We would like to take this opportunity to wish you a happy Easter.
Every April contribution pay bands are reviewed in line with the cost of living to take account of inflationary increases. The bands are adjusted in line with the Consumer Price Index (CPI) rate of inflation at September of the previous year.
CPI at September 2020 was 0.5%, therefore the pay bands for the previous year have been increased and rounded down to the nearest £100.
2021 Contribution Pay Bands
Every April we revalue active members Pension Accounts in line with HM Treasury Revaluation Orders (revaluation to be such percentage increase or decrease as is specified in an order made by HM Treasury).
The order specified is currently the Consumer Price Index (CPI) rate of inflation at September each year. This rate is then applied to Pension Accounts the following April. The rate at September 2020 was 0.5%, which means Pension Accounts built up since April 2014 will be re-valued by this amount.
This adjustment only applies to the CARE part of a pension. If active members also have final salary pension benefits from membership before April 2014 then these benefits are worked out differently and the 0.5% increase does not apply.
Join us live on Thursday 18th March at 10.00am for the next Pensions Authority Meeting.
Local Government Pensions, both in payment and deferred, will increase by 0.5% from 12 April 2021.