BBC Pension Increases
On 15th January 2025 the inflation figures for December 2024 were published by the Office for National Statistics. The rise in the Retail Prices Index (RPI) was 3.5 % (down from 3.6% in November 2024); the rise in the Consumer Prices Index (CPI) was 2.5% (down from 2.6% in November 2024), and CPIH was unchanged at 3.5%.
Under the Rules of the BBC Pension Scheme pension increases are based on the December RPI and CPI figures, with the increases paid from the following 1 April.
For members in all sections of the Scheme inflation has been at or within the guaranteed rate. This means that Old Benefits, New Benefits and CAB 2006 members can look forward to receiving a pension increase of 3.5%, and 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. The BBC and Trustees will jointly consider this and are likely to publish the results before April on the BBC My Pension website at: https://www.bbc.com/mypension/pensioners/
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 2024 was the higher figure and so the State pension will increase by 4.1% next April.
RPI/CPIH
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.
