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Will my pension increase each year?

The Scheme provides statutory pension increases. This means that if you retire on or after age 55, your pension will be increased each year in line with the cost of living.

Increases are only paid to people who are younger than age 55 if the person:

  •  is receiving a pension as a widow, widower, civil partner, eligible cohabiting partner or eligible child; or
  •  is retired on ill-health grounds; or
  •  has had their deferred benefits brought into payment on ill-health grounds and is considered permanently unfit for any regular full-time work.

If you retire before age 55 and are not entitled to increases, you are normally paid at a flat rate until age 55.  Once you reach this age your pension will be increased to the level it would have been, had it been increased every year by the rise in the cost of living since your date of leaving. However, no arrears are payable.

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