pensions in payment
Pensions in payment are paid monthly (or in some cases quarterly), in arrears, directly to your bank or building society account.
You can change the account details of where your pension is to be paid by writing to the Payroll Team. Please note that the account where your pension is paid must be in your name, either solely or jointly.
Any pension that was built up on or after 1 April 1997 will receive increases in payment each April. The increases are in line with inflation to a maximum of 5%.
There are no guaranteed increases in payment for pension that was built up before 1 April 1997.
If you are entitled to GMP, we need to check that the pension you get at your GMP age ( 60 for females and age 65 for males) is at least equal to your GMP. Please note that any GMP earned before 6 April 1988 will not be increased by the Fund in payment. GMP earned from 6 April 1988 will increase in payment each year in line with inflation to a maximum of 3%.