The 2024 Pension Increase is 5%

20 March 2024

Scheme increases in NAPS are generally in line with the Government’s yearly Pensions Increase (Review) Orders (PIRO), up to a maximum of 5% in any year. These increases apply to any elements of your pension that qualify for yearly increases under the Scheme Rules. The Orders currently reflect the increase in the Consumer Prices Index (CPI), but the Secretary of State decides how these are measured, and this may change from time to time. 
The Pensions Increase (Review) Order for 2024 is above 5%. Most NAPS pensions that have been in payment for at least a year will therefore increase by 5% from 8 April 2024. 
· The PIRO increase for 2024 is based on the Consumer Prices Index rise over the twelve months to September 2023. 

· The increase applies to elements of pension that are eligible for Scheme increases

· Some elements of pension may receive different levels of increase. 

· Different rules apply in respect of any Guaranteed Minimum Pension (GMP) included in NAPS pensions. 
Issued on behalf of the NAPS Trustee 


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