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