Your pension is adjusted annually in line with Pension Increase Orders, which is based on the increase in the Consumer Prices Index over the 12 month period to September 2022.
We’ve seen an unprecedented increase in living costs over the last 18 months. This means that there’s an increase of 10.1% applied to your deferred pension, from Monday 10 April 2023.
However, if you have final salary benefits and you left contributing membership after 24 April 2022, your final salary benefits won’t receive the full increase, and will instead, be pro-rated.