April 2024 Pension Increase

Pensions from the TfL Pension Fund increase in April 2024.
This is based on the rise in the Retail Price Index over the 12 months to September 2023 which was 8.9 per cent.

Depending on the period of membership of the TfL Pension Fund, your pension may comprise of various components, some of which are not increased by the Fund at the above rate but may be increased by the State.
 
Fund members fall into one of two categories; Existing Members are those who joined the Fund on or before 1 April 1989 and New Members are those who joined the Fund on or after 2 April 1989. For the part of your pension that is increased by the Fund, there is a 'cap' of 5 per cent for New Members.
 
If you have been receiving your pension for less than a year you may receive a pro rata increase, as shown in the following table.
 
Effective date Existing Members Increase (%) New Members Increase (%)
Up to 1 April 2023 8.900 5.000
2 April 2023 to 1 May 2023 8.158 4.583
2 May 2023 to 1 June 2023 7.417 4.167
2 June 2023 to 1 July 2023 6.675 3.750
2 July 2023 to 1 August 2023 5.933 3.333
2 August 2023 to 1 September 2023 5.192 2.917
2 September 2023 to 1 October 2023 4.450 2.500
2 October 2023 to 1 November 2023 3.708 2.083
2 November 2023 to 1 December 2023 2.967 1.667
2 December 2023 to 1 January 2024 2.225 1.250
2 January 2024 to 1 February 2024 1.483 0.833
2 February 2024 to 1 March 2024 0.742 0.417

 

The increase will be paid to all eligible pensioners on 8 April 2024.

 

1 November 2023