Annual pension increases
Each individual member’s pension is made up of different parts. How much an individual member’s pension will increase each year depends on how these different parts change.
Furthermore, following the announcement in July 2022 that members’ bonus pensions were to be protected with immediate effect (rather than from 2024), members’ existing bonus pensions can no longer be reduced. This means that the way that members’ pensions will increase in 2022 and 2023 has improved.
To help members understand how the pension increase worked in 2022, we have provided some illustrative examples (please click on the tabs below). It is important to note that these examples are illustrations only and that the actual increase to each member’s pension will be based on their own circumstances.