Under the Rules of the 成人快手 Pension Scheme, pensions in payment are reviewed annually and guaranteed increases are awarded on 1 April based on the Retail Prices Index (RPI) or Consumer Prices Index (CPI) for the previous calendar year ending 31 December, subject to a cap.
The published RPI for the calendar year ending 31 December 2023 was 5.2% and the CPI was 4.0%.
Old Benefits, New Benefits and CAB 2006 Members
Pensions in payment are guaranteed to increase by the lower of RPI and:
- 10% for Old Benefits pensions;
- 5% for New Benefits pensions; or
- 2.5% for CAB 2006 pensions
If you are an Old Benefits 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.
NOTE: Old Benefits members who elected to participate in the PIE exercise receive future increases only on the non-exchanged element of their pension.
CAB 2011 Members
Pensions in payment are guaranteed to increase by the lower of CPI and 4%.