Facts & Figures
Final Salary Pension Increases
Final Salary pensions paid by the Scheme increase in January each year. The increases in payment are in line with the change to the Retail Prices Index (RPI), subject to various caps.
The pension built up on Final Salary pensionable service completed up to 6 April 2005 is guaranteed to increase in line with the change in the RPI up to a maximum of 5.0% each year, so in January 2024 this was increased by 5.0%. The pension built up on Final Salary pensionable service completed after 6 April 2005 is guaranteed to increase in line with the change in the RPI up to a maximum of 2.5% each year, so in January 2024 this was increased by 2.5%.
The graph below shows the pension increases applied to Final Salary pensionable benefits built up to 6 April 2005.
Members who left the Final Salary section of the Scheme after 31 December 1985 and are not yet receiving their pension, continue to have their deferred pensions increased on 1 April each year by the rise in the RPI over the previous 12 months, up to a maximum of 5% a year. This resulted in an increase of 5.0% on 1 April 2024.