Pension Increase Exchange (PIE)

Pension Increase Exchange (PIE)

When you come to take your benefits, you may have the option of a one-off increase to the amount you receive as a pension. This is in return for you giving up most of your rights to receive the annual pension increases that are set out in the Plan rules. If you accept the PIE offer, your pension will be paid at the new, higher rate for the rest of your life, but only certain ‘elements’ of your pension will increase in the future.

Choosing whether or not to select this option means weighing up the potential advantages and balancing these against the likely risks. Once you have made your decision this cannot be changed at a later date.

You will find full details of the PIE option when you receive your retirement pack from the Plan’s administrator, Trafalgar House.