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All pensions when in payment are reviewed each year in April and may be entitled to receive an increase.
Different rates of increases are applied to different elements of the pension. The table below provides a summary of the pension increases for members who left service on or after 7 March 2000:
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Pension in excess of the GMP for Pensionable Service prior to 6 April 1997 |
Increased at the discretion of the Company. |
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Pension for Pensionable Service from 6 April 1997 to 30 June 2005 |
Increased in line with the increase in the Retail Price Index (RPI) up to a maximum of 5%. |
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Pension for Pensionable Service on and from 1 July 2005 |
Increased in line with the increase in the Retail Price Index (RPI) up to a maximum of 2.5% (except for those members who opted to pay additional contributions to maintain the 5% cap). |
Note 1: These increases do not apply to benefits in respect of additional voluntary contributions, transfers in or discretionary benefits.
Note 2: From state pension age the state checks whether your GMP in payment is at least as high as a notional amount of additional state pension. This notional pension increases fully in line with inflation. If the GMP is lower than this notional pension, you will be paid an additional amount from the state together with your basic state pension. However, your GMP at state pension age may be higher than this notional pension and you may not receive any additional amount until many years after your state pension age – if ever.