The Pensions Increase to be applied to pensions in payment will be 3% for 2018/19. The increase to pensions will take effect from 9 April 2018.

The revaluation applied to the Career Average benefits held by active members of the Scheme will be 4.6%, and will apply from 1 April 2018 to benefits which retain the ‘active’ status. Benefits which have a ‘deferred’ status will be revalued by 3% on 1 April 2018, in line with the Pensions Increase.

The Pensions Increase is used to revise other elements of the Scheme, including: the maximum extra pension you can take through Additional Pension, Faster Accrual or Buy-out; the salary restriction for an increase in annual pensionable earnings prior to retirement; the earnings limit for a child’s pension; and the earnings bands for contributions. You can see the revisions on the updates page of the website.