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Pension Increases

In the period January 2003 to January 2004, the increase in the Retail Prices Index was 2.6%. This percentage was applied with effect from 1 April 2004 to increase pensions and allowances in payment in the Scheme immediately before that date. The 2.6% increase will also be applied to pensions prospectively payable to Deferred Pensioners.

The annual pension increases for the last ten years are shown in the list below:

1995

3.3%

1996

2.9%

1997

2.8%

1998

3.3%

1999

2.4%

2000

2.0%

2001

2.7%

2002

1.3%

2003

2.9%

2004

2.6%


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