It’s that time of year again when we discover what our BBC Pension increase will be.  All the details are below :-

Inflation and Pension Increases 2024

BBC Pension Increases

On 17th January 2024 the inflation figures for December 2023 were published by the Office for National Statistics. The rise in the Retail Prices Index (RPI) was 5.2 % (down from 5.3% in November 2023); and the rise in the Consumer Prices Index (CPI) was 4% (up from 3.9% in November 2023). CPIH was 4.2% (the same as in November 2023).

Under the Rules of the BBC Pension Scheme pension increases are based on the December RPI and CPI figures with the increases being paid from the following 1 April.

For Old Benefits members this year’s inflation has been below the 10%, and so these members can look forward to receiving a pension increase of 5.2%. For New Benefits, CAB 2006 and CAB 2011 members, inflation has been above the guaranteed increases provided for under the Rules of the Scheme. Therefore, New Benefits and CAB 2006 members are likely to receive a guaranteed increase to their pensions next April of 5%, whilst CAB 2011 members are likely to receive a guaranteed increase of 2.5%. No increase will be awarded on any previous pension exchanged for a higher, level pension because of the Pension Increase Exchange (PIE) exercise.

The BBC may decide to award an additional discretionary increase, but it is unclear whether such an increase will be awarded this year. The BBC and Trustees will jointly consider this, although this may take a little while before a decision is reached. The announcement of this year’s pension increase will be confirmed in due course on the BBC My Pension website at:

State Pension

Under current rules, the State pension is increased by the ‘triple lock’ which is the highest of average earnings growth, price inflation (CPI) in September, or a 2.5% minimum guarantee.

The average earnings growth in September 2023 was the higher figure and so the State pension will increase by 8.5% next April.

RPI/CPI

From February 2030 the RPI will be aligned with the Consumer Prices Index, including owner occupiers’ housing costs (CPIH). The change will see RPI continue to be published as an index but bring the methods and data of CPIH into RPI.

Published On: February 15th, 2024 / 1.9 min read / Views: 224 /

Join BBCPA

The BBC Pensioners’ Association now sees itself as a critical friend of the BBC and tries to support the BBC in these changing times.

The BBCPA sets out to protect the interests of its members; BBC pensioners. We have a strong, working relationship with the BBC and the BBC Pension Trust Ltd.

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