Pension increases

Once your pension is in payment it will be increased each year as follows:

Benefits earned for Pensionable Service on or after 6 April 2005 - increased in line with the rise in the Consumer Prices Index (CPI) for the year in question, up to a maximum of 2.5%. Increases normally take effect from 1 April each year and are based on the CPI increase measured as at the previous 30 September. In addition the Company may choose to award discretionary increases.

Benefits earned for Pensionable Service on or after 6 April 1997 and before 6 April 2005 - increased by the rise in the CPI for the year in question, up to a maximum of 5%. Increases normally take effect from 1 April each year and are based on the CPI increase measured as at the previous 30 September. In addition the Company may choose to award discretionary increases.

• Benefits earned for Pensionable Service before 6 April 1997 - will only attract increases on the GMP part of your pension. Your GMP earned prior to 6 April 1988 may receive increases from the State if you reached State Pension Age before 6 April 2016 (in which case these will be paid with your State Pension). The GMP element earned from 6 April 1988 will be increased by the CPI up to a maximum of 3% per annum, and increases will be paid by the Scheme. Any pension in excess of the GMP may be increased at the Company’s discretion.