Single scheme pensioners get 1.3% increase
The value of pensions for those who joined the civil and public service after January 2013, and retired in or before 2019, increased by 1.3% from January 2020.
The pensioners are members of the ‘single public service pension scheme,’ which was introduced in 2013. Under the scheme, pensions are linked to inflation and rise in line with the consumer price index (CPI).
The value of pension and lump sum benefits for those who are in the scheme, but are still working, also rose by 1.3% from January 2020.
It’s estimated that over 70,000 public servants are now in the scheme, which calculates pensions on the basis of average earnings over a member’s career.
Staff who joined the public service prior to the introduction of the single scheme have their pensions calculated on the basis of earnings at the time of retirement, and their pensions increase with reference to the pay of the grade from which they retired.
Read the circular HERE.