Annual deferred pension increases

Open the drop down boxes below to read about the increases and bonuses applied to your pension.

Annual pension increases - Scheme Pension

Your Scheme pension is made up of a number of parts, which increase differently: 

  1. Guaranteed Pension: increases on 1 January each year based on the change in the Retail Prices Index (RPI) in the 12 months to the previous November.
  2. Bonus: does not increase.

Bonuses were awarded to members from their 50% share of surplus between 1995 and 2019. This is a flat-rate bonus that will neither increase or decrease.