03/10/2022

 

Pensions are increased in October and April each year in line with the RGPS Rules. Different increases apply to different parts of RGPS pensions, depending on when they were earned. The latest increase, as at 1 October 2022, applies to any pension earned above the Guaranteed Minimum Pension (GMP). The different parts of non-GMP pension increase as follows:

- Pension built up to 1 February 2002, increases in line with the Retail Prices Index (RPI) capped at 10% pa (any increase above 5% is awarded at the discretion of the Trustee). In considering whether to award discretionary pension increases the Trustee is required to consider the funding of the Scheme and the advice from the Scheme Actuary. The Trustee has received the appropriate advice and decided not to award a discretionary increase above 5% in 2022. The Trustee will review the award of discretionary pension increases again for the October 2023 pension increases (if RPI is above 5%).

- Pension built up between 1 February 2002 and 5 April 2006 is increased in line with RPI capped at 5% pa.

- Pension built up after 5 April 2006 is increased in line with RPI capped at 2.5% pa.

The relevant RPI measure for 2022 was 12.3%. Therefore, the proportion of pension (in excess of GMP) earned before 6 April 2006 increased by 5%, and the proportion earned after 6 April 2006 increased at 2.5%.