The Consumer Price Index (CPI) increase was announced* in October 2023 as 6.7%. This figure is used to increase all Armed Forces pensions in payment.
Note that those receiving pensions for less than a year will receive a proportion of the full increase, depending on how many months your pension has been in payment during that year.
The Pension Increase (PI) comes into force on the first Monday after the beginning of the new tax year – so, for 2024 it comes into effect on 8th April.
*The CPI rate is always announced in October and the PI is normally formalised in law in January/February.
For info, here are the CPI annual inflation rates for the last 10 years.
Read more about this subject here Armed Forces Pensions – Indexation & Revaluation 2024
