British Steel Pension Scheme
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Increases to Deferred pensions

Your deferred pension is increased on 1 April each year.

Under the Rules of the Scheme, BSPS pensions in respect of service up to 31 March 2006 are increased by reference to the annual increase in the Retail Prices Index (RPI) over the previous January to January.

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 RPI, 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.

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%).

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.