April 2023 Pension Increase

Pensions from the TfL Pension Fund increase in April 2023.

This is based on the rise in the Retail Price Index over the 12 months to September 2022 which was 12.6 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.

Members of the Fund fall into two categories:

Existing Members are Members who pension is as a result of Fund membership commencing on 1 April 1989, for these Members in April pension increase on those elements of the pension that are increased by the Fund will be 12.6%.

New Members are Members who pension is as a result of Fund membership commencing on or after 2 April 1989, for these Members in April pension increase on those elements of the pension that are increased by the Fund will be capped at 5%.

If you have been receiving your pension for less than a year you may receive a pro rata increase. See below for details:

Effective date Increase for Existing Members (%) Increase for New Members (%)
Up to 1 April 2022 12.60 5.00
2 April 2022 to 1 May 2022 11.55 4.58
2 May 2022 to 1 June 2022 10.50 4.17
2 June 2022 to 1 July 2022 9.45 3.75
2 July 2022 to 1 August 2022 8.40 3.33
2 August 2022 to 1 September 2022 7.35 2.92
2 September 2022 to 1 October 2022 6.30 2.50
2 October 2022 to 1 November 2022 5.25 2.08
2 November 2022 to 1 December 2022 4.20 1.67
2 December 2022 to 1 January 2023 3.15 1.25
2 January 2023 to 1 February 2023 2.10 0.83
2 February 2023 to 1 March 2023 1.05 0.42

 

The increase will be paid to all eligible pensioners on 11 April 2023.

 

10 November 2022