Increases to Deferred pensions
Your deferred pension is increased on 1 April each year.
Increases to Scheme benefits in respect of service between 1 April 2006 and 31 March 2012 are increased in line with the percentage rise in the Retail Prices index (RPI) over the previous January to January subject to a cap of 4% per annum.
Increases in respect of service from 1 April 2012 are increased in line with the percentage rise in the RPI subject to a cap of 3% per annum. A statutory underpin applies in each instance.
Additionally, for members of the former Acquisition Section, increases to Scheme benefits in respect of service before 1 April 2006 are in line with RPI subject to a cap of 5% per annum.
Increases to pension earned after 1 April 2016 are capped at the Statutory minimum (currently the lesser of the Consumer Prices Index (CPI) and 2.5%).
Once in payment, your pension will be increased like any other pension in payment, see Pension Increases.