Following completion of the latest valuation and as part of the annual review some of the factors used to work out benefit options will change from 1 April 2024. The changes, which are all slight improvements, include
- lower reductions applied to pensions paid early,
- higher increases to deferred pensions that start to be paid after normal pension age, and
- higher value of each pound of pension exchanged for a cash lump sum for members aged 70 or under claiming payment of their pension in the CAB 2011, New Benefits or, if they joined on or after 1 April 1992, the Old Benefits section.
For more details go to the members and click on the relevant section.
You may be considering claiming payment of your pension before 1 April, so we wanted to let you know about the changes before you make any decision.
You can run further calculations yourself via our online service once these factors have been updated. We expect these to be updated by 18 March 2024.
If you have any questions, you can call the pension service line on 0303 081 2848 or email us myPension@bbc.co.uk. Please quote your NI number and date of birth in your email.