We are pleased to announce pensions will increase by 10.1% from 1 April 2023.
Individual pension increase information letters will be made available to pensioners in February 2023 automatically – you do not need to contact us.
Clergy pensions are in 2 parts:
- the Church of England Pensions Measures (CEPM) for service until 31 December 1997, and,
- the Church of England Funded Pension Scheme (CEFPS) for service from 1 January 1998.
The rules for clergy pensions guarantee increases each year in line with inflation, up to a limit. The rules say that pensions earned before 2008 are guaranteed to increase in line with the Retail Price Index (RPI), up to 5%. Pensions earned after this date are guaranteed to increase by RPI up to 3.5%.
The rules give discretion to the Church Commissioners (for CEPM) and to the Board (for CEFPS) to review pensions in payment from time to time. Following careful review, a discretionary increase will be added to all pensions in payment bringing the total increase to 10.1% for 1 April 2023. We cannot guarantee we will be able to make discretionary increases in future years.
The state pension will also increase by 10.1% from April 2023 - see Benefit and pension rates 2023 to 2024 - GOV.UK (www.gov.uk)