How do my deferred benefits keep their value?

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If you left the LGPS before 1 April 2014, for the period after your date of leaving, your total deferred benefits will be increased in line with the cost of living.  However, if the cost of living goes down, your deferred benefits will not be reduced. Your pension will also continue to receive cost of living increases every year once it is paid to you.
On your benefits being paid on or after age 55, or if your benefits are paid before age 55 because of ill health and you are permanently incapacitated from engaging in any regular full-time employment, your benefits will be increased each year in line with the cost of living.
Otherwise, if you draw your benefits before age 55, you will normally have to wait until your 55th birthday for your first cost of living increase, when your pension will be increased to the level it would have been had it been increased each year.