Your Scheme Pension
Once your pension is in payment it will receive some protection against inflation. After you retire, that part of your pension earned after 6 April 1997 will be increased on each 31 March by the rise in the Retail Prices Index (RPI) up to:
- a maximum of 5% a year and subject to a minimum of 3% a year in respect of that part of your pension earned between 6 April 1997 and 6 April 2006; and
- a maximum of 2.5% a year in respect of that part of your pension earned from 6 April 2006.
Please note: prior to 30th March 2013 the rise in the Retail Price Index was measured by refernece to the April to April year falling immediately prior to the 31st March on which the annual increase was applied and thereafter the increase is measured by reference to the September to September year falling immediately prior to the 31st March on which the annual increase is applied.
If your pension has been in payment for less than a year, you may receive a proportionate increase.
See Section 17 for increases to pension earned prior to 6th April 1997.
Any spouse's, civil partner's or dependant's pension is increased in the same way.
The Trustees and the University have the discretion to grant further increases to pensions. Such increases would be subject to professional advice and the Scheme's funding position.
State Basic Pension
Your Basic Pension from the State (see Section 12) will be reviewed annually by the Government and increased each April after your State Pension Age in line with increases in prices.