If you’re currently receiving a pension from one of these sections of the UKRF, it will increase in October:
1964 Pension Scheme
Afterwork
1951 Plan
AP89 Pension Scheme
Barclays Capital Scheme
Woolwich
Under the UKRF rules, your pension increases each year in line with inflation, up to 5%. When working out your increase, we measure inflation based on the UK Retail Prices Index (RPI) over the 12 months to June, which was 2.9%.
As a result, your pension increase this year will be 2.9%, unless your section of the UKRF applies a minimum annual pension increase that is higher than 2.9%, in which case you will be notified separately (see below).
If you’ve been receiving your pension for less than a year, it will receive part of this annual increase in line with how long it’s been payable.
Look out for an email, postcard or letter in early October for more details – and you’ll also be able to view your increase information on your pension account.
You can see how pensions increase in all sections of the UKRF in Increasing your pension in payment.