Increases and payment dates

The payroll team looks after your benefit payments and issues P60s.

Pensions payable from the Scheme are reviewed in April each year and increased in line with the percentage increase in the Retail Prices Index (RPI) for the 12 months up to the previous September.

This year the main annual pensions increase will be 8.9%, this will be applied with effect from Monday 8 April 2024. This is in line with the increase in the RPI for the 12 months up to September 2023.

If you built up pension in the Scheme between 6 April 1978 and 5 April 1997, you may have a Guaranteed Minimum Pension (GMP) element to your pension, which is increased at a different rate.

Pro rata pension increases are applied to pensions that have been in payment for less than 12 months.

You’re paid on the 15th of the month. If your payment date lands on a weekend or a bank holiday, you’ll be paid on the previous working day.

It’s important you keep your bank account details up to date.