Pensioners under GMP, or with no GMP

If you are under GMP age (65 for men and 60 for women), or do not have a GMP element in your pension, the following is a typical example of how the increase would have been applied to your pension using an increase in the RPI of 3.5% (as it was in 2017):

Pension element

Pre increase weekly rate

Rate of Increase (3.5%)

New pension rate from 3 October 2017

Guaranteed pension (including  GMP of £49.00)

£104.00

 £104.00 x 3.5% = £3.64

£107.64

Reducing bonus

£16.50

£16.50 - £3.64 = £12.86

£12.86

Flat rate bonus from 2012

£4.30

-

£4.30

Flat rate bonus from 2014

£4.00

-

£4.00

Replacement bonuses from 2015, 2016 and 2017.

£3.00

£3.00 + £3.64 = £6.64

£6.64

Total pension

£131.80

 

£135.44

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