Pension increases

Pension from the Plan

If you’re receiving a pension directly from the Plan it will increase each year in April.

Guaranteed Minimum Pension earned between April 1992 and April 1997 will increase in line with Consumer Price Index (CPI) inflation capped at 3% each year. The remainder of your pension will increase in line with CPI inflation each year after retirement, capped at 5% each year.

Pension increases for members that have been receiving a pension for less than 12 months are calculated proportionately.

Annuity purchased at retirement

If you purchased an annuity at retirement, benefit increases will depend on the options selected at the time of purchase with your chosen provider.