Whilst a Deferred Member

Under the Rules of the Funds the pensions of Closed Fund members have since inception been increased as if they were ‘official pensions’ under the Pensions (Increase) Act 1971.

Your deferred pension will increase in line with official pensions between the date you left and the date you retire. The level of increase is currently determined by reference to the annual rise in the CPI at the end of September each year, with any increase being applied from the first Monday following the 5 April. 

This year’s pension increase is 6.7% and is effective from 8 April 2024.

After you Retire:

Under current arrangements, your pension will continue to increase in line with CPI as described above for increases in pension whilst a deferred member.