The Consumer Prices Index (CPI) was announced today and is 10.1%.
HM Treasury will issue the Pensions Increase (Review) Order for 2023 around February 2023. This confirms the amount that public sector schemes, like LPF, should increase pensions by to keep them in line with cost of living. While these increases have fallen in line with CPI from September of the previous year, it is not guaranteed to be this amount. We will let you know the pension increase to be applied once we have had confirmation of the rate from HM Treasury.