Pension increases

If you are receiving a pension from the Scheme, your pension will be increased annually, in line with increases in the cost of living.

2024 increases

With effect from 8 April 2024, pensions in payment from the Scheme were increased as follows:

  • Pensions accrued up to 5 April 1997 in excess of the Guaranteed Minimum Pension (GMP) will receive an increase of 6.7% per annum. This increase is in line with the change in the Consumer Price Index (CPI) for the 12-month period to 30 September 2023.
  • Pensions accrued after 5 April 1997 receive increases based on the Retail Price Index (RPI), capped at 5%. However, at times when RPI inflation rises above 5%, the Scheme Rules stipulate that CPI is instead applied, which is uncapped. This means that CPI will also be used to increase post-April 1997 pensions this year, with an increase of 6.7% per annum.
  • The rate of increase to be applied to GMP is statutory. No increase is applied to pre-88 GMP, but Post-88 GMP is increased In line with CPI to a maximum of 3%.

Deferred members whose pensions became payable in the last 12 months will also receive a pro-rata increase based on the above percentages.