Pensions paid from the Scheme to retired members are reviewed each year and increased in April, in line with the percentage increase in the Retail Prices Index (RPI) for the 12 months up to the previous September.
This year, the main annual pensions increase will be 8.9%. This will be applied with effect from Monday 1 April 2024.
If you are a man under age 65, or a woman under age 60 at the increase date, your whole pension will be increased by this amount.
However, if you’re a man over age 65, or a woman over age 60, your Scheme pension is likely to include what’s known as a Guaranteed Minimum Pension or GMP. Different increases apply to the GMP part of your pension, and depending on when you reached, or will reach, State Pension Age, some increases to your Scheme pension may be paid by the State.
27 October 2023