Rona Fairhead’s speech to the RTSFebruary 11, 2015
The various provisions for determining pension increases for the different sections of the Scheme are set out in the Trust Deed and Rules. The increases applying from 1 April 2018 are as follows:
Old and New Benefits members’ pensions in payment and deferred pensions will increase by 4.1%. Old benefits members who elected to receive the Pension Increase Exchange will receive a lower, and in some cases, no increase with effect from 1 April 2018.
Career Average Benefits (“CAB”) 2011 members’ pensions in payment will increase by 3%.
CAB 2006 members’ pensions in payment will increase by 2.5%.
A revaluation increase of 3% on 1 April 2018 to pensions built up to 31 March 2017 for active and deferred CAB 2011 members.
A revaluation increase of 4.1% on 1 April 2018 to pensions built up to 31 March 2017 for active and deferred CAB 2006 members.
No discretionary increase over and above those detailed above have been agreed