increases before retirement
The benefits you built up prior to leaving pensionable service in the Fund will continue to revalue (increase) each year until you retire. Different parts of your benefits will receive different revaluation (increases), and these are summarised below:
- Pre 1978 Credits will receive increases in line with statutory requirements (broadly, the Consumer Price Index (CPI) to a maximum of 5% per year).
- Your benefits over any GMP amount will increase in line with the same statutory requirements.
- Increases to any GMP element of your pension will depend of when you ceased contracting out of SERPS, and will be between 6.25% and 8.5% pa. You can find out which rate applies to you by contacting the administrators of the Fund.
If you left the fund on or before 31 December 1985, the benefits that have been built up in the Fund may not receive an increase in deferment in line with the above, other than any GMP element as described above.