Whether you are already on pension, you have benefits on hold with us (deferred benefits), or you are still building up benefits with us, we adjust benefits each year in line with prices.
What measure of inflation do you use?
We use the consumer prices index, or CPI, to increase our pensions.
When is CPI measured?
The rate is measured by the Office for National Statistics (ONS), in the September of each year. The rate is then confirmed by the Treasury, and applies from the following April.
The treasury has now confirmed that the rate that will applied from April 2019 is:
This is the rate applying to all types of pensions, in other words:
- Pensions paid to current pensioners
- The annual increase to deferred benefits (benefits on hold), and
- The annual increase in benefits being built up under the career average scheme