Pension Increases

Your pension is increased in line with the Retail Prices Index (RPI) inflation over the 12 months ending in the previous September.

If you pension relates to a period of Fund membership that commenced after 1 April 1989, your increases are limited to a maximum of 5%.

The annual RPI increase under the Fund cannot fall below zero. The pension increase will be determined over the relevant 12 months. If there is no increase in the RPI, your pension will remain unchanged for that year. Pension increases are paid in the first pension payment of each tax year. Unfortunately, we can't pay increases sooner as the process can only start at the end of the previous tax year.

Your pension may include an element of Guaranteed minimum pension, if it does, increases will be paid on the various parts of your pension as follows:

Pension in excess of the Guaranteed Minimum Pension (GMP) (including all pension earned after 5 April 1997)

This part of your pension is increased as described above.

GMP earned between 6 April 1988 and 5 April 1997

This part of your pension is increased in line with the Consumer Prices Index, up to a maximum of 3% each year. Further increases may be paid by the State.

GMP earned before 6 April 1988

This part of your pension is not increased by the Fund but may be increased by the State.

We will continue to pay increases to your pension wherever you live. In addition, if you live in a country in the European Economic Area (EEA) or a country which has a social security agreement with the UK, you will also receive increases on your basic state pension and possibly your GMP from the UK Government.

The countries involved change from time to time as determined by the UK Government. Details can be found on the Department for Work and Pensions' website.