Once you’ve started taking your benefits, your pension will increase each year if there is inflation. The measure of inflation your benefits are linked to is called the ‘Consumer Prices Index’.
When does it increase?
Your pension increases in April each year (if there is inflation in the year ended the previous September). We’ll send you a letter at the end of March to tell you how much you’ll get.
What if I’ve just started taking my benefits?
If you started taking your pension within two weeks of the start of a new Plan Year (year commencing 1 April), you might not be eligible for your first yearly increase until the following Plan Year. Or, if you started taking your benefits later in the Plan Year, your first yearly increase might be lower to reflect this.
What happens when I die?
When you die, your spouse or civil partner will get a pension. If you don’t have a spouse or civil partner, we may agree to pay a pension to someone who was financially dependent on you. If we pay a pension to any of these people, their pensions are also increased each year in line with inflation.