The provisions for determining how pensions increase are set out in the Trust Deed and Rules. The increases applying from 1 April 2021 are as follows:
Old and New Benefits members’ pensions in payment and deferred pensions will increase by 1.2%. (Old Benefits members who elected to participate in the PIE exercise receive future increases only on the non-exchanged element of their pension).
Career Average Benefits ("CAB") 2006 pensions in payment will increase by 1.2%.
CAB 2011 pensions in payment will increase by 0.6%.
A revaluation increase of 1.2% on 1 April 2021 to pensions built up to 31 March 2020 for active and deferred CAB 2006 members.
A revaluation increase of 0.6% on 1 April 2021 to pensions built up to 31 March 2020 for active and deferred CAB 2011 members.