You may have seen the level of price inflation in the UK has reached the highest level in 40 years. How this affects your benefits depends on when you built them up and whether you have already drawn your pension.
Only some of the Scheme’s benefits are linked to inflation and will increase when inflation is higher. Broadly speaking:
- pension earned from 1 January 1993 to 1 February 2009 will be increased by the lower of the increase in the Retail Price Index (RPI) or 5%
- pension earned from 1 February 2009 will be increased by the lower of RPI or 2.5%
You can learn more about inflation and what it means for your retirement planning at: www.moneyhelper.org.uk/en/savings/how-to-save/inflation-whatthe-saver-needs-to-know
If you are unsure about the level of increase that applies to your pension payments, please contact the Scheme administrator.