Consumer Price Index replaces Retail Price Index

In our Autumn 2010 newsletter we reported on the government’s Emergency Budget announcement that public-sector pensions would in future go up in line with the Consumer Price Index. This change now applies to your pension with us.

This year’s increase to pensions is 3.1%.

As always, the increase is based on the inflation rate on 30 September in the previous year. The government’s Pensions Increase (Review) Order tells public-sector pension schemes like ours how much we should increase pensions by.

The increase is due from 11th April this year.

You’ll normally get the increase if:

• you are over 55

• you retired because of ill health, or

• you get a spouse's, partner’s or child’s pension.