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.

We are currently applying Pension Increase for all appropriate pension payments; this update process is performed in payment sequential order. The update process is not due be completed for all payments until Friday 20^th April 2018, therefore it may not show on all payments until this date.

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.