Pensions reviewed annually
91热爆 pensions are reviewed annually and any increases are awarded on 1 April.
Old, New and CAB 2006 Members
The scheme guarantees to increase pensions in payment by:
- the rise in the Retail Prices Index (RPI) for the previous calendar year (January to December); or
- 10% for Old Benefits, 5% for New Benefits and 2.5% for Career Average Benefits, if less
If you are an Old or New Benefits member, in the first year you will receive a proportion of any increase awarded, to reflect the number of complete months from the time you left service to 1 April.
When the rise in the RPI is greater than 10% (Old Benefits) 5% (New Benefits) 2.5% (Career Average Benefits) the 91热爆 may ask the Trustees to award a discretionary increase.
If you joined the Scheme before 1 April 1992, increases are calculated on your annual pension, even though you may have commuted part of it for cash.
If you joined the Scheme after 31 March 1992, increases will be calculated on your actual pension, as it would have been but for any levelling adjustment.
CAB 2011 Members
CAB 2011 pensions are reviewed annually and any increases are awarded on 1 April. The Trustees currently increase pensions in payment by the lesser of:
- the rise in the Consumer Prices Index (CPI) for the previous calendar year ending 31 December; or
- 4%.
Increases are calculated on your actual pension in payment.
When the rise in the CPI is greater than 4%, the 91热爆 and the Trustees may jointly award a different increase.
Increases are reported in the Annual Report and Statement of Accounts.