We have received a number of questions about how members’ pensions will increase in 2022 following the recent announcement that members’ bonus pensions are to be protected with immediate effect.
Every member’s pension is different as it is based on their individual circumstances, so each member will receive a personalised letter telling them exactly how their pension has increased, closer to the pension increase date of 26 September 2022.
However, to aid understanding in the meantime, we have provided a few illustrative examples as to how the 2022 pension increase will work. 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.
Please click here to see these examples.
Once members have received their personalised letters, we’d be happy to answer any further questions any member may have about how their pension has increased.