How my pension increases

The increases that apply to your pension can be found by choosing from the list of sections below.

Nationwide Final Salary members

Your entire pension will increase on 1 April by 5%, or the change in the Retail Prices Index to the previous September, if lower.

CARE members

Your entire pension will increase on 1 April by 5%, or the change in the Retail Prices Index to the previous September, if lower.

Portman Final Salary members

Your pension will increase on 1 April as follows:

  • Pension earned before 1 August 2000 by 5%.
  • Pension earned from 1 August 2000 by 5%, or the change in the Retail Prices Index to the previous September, if lower.

Lambeth Final Salary members

Your pension will increase on 1 April as follows:

  • Guaranteed Minimum Pension (GMP) earned before 6 April 1988 doesn’t increase.
  • GMP earned from 6 April 1988 by 3%, or the change in the Consumer Prices Index to the previous September, if lower.
  • Pension in excess of GMP earned before 24 October 2001 by 8.5% (if you joined before 1 February 1989 and paid contributions before 1988) or 5%.
  • Pension earned from 24 October 2001 by 5%, or the change in the Retail Prices Index to the previous September, if lower.

Staffordshire Final Salary members

Your pension will increase on 1 April as follows:

  • Pension earned before 1 May 2000 by 5%.
  • Pension earned from 1 May 2000 by 5%, or the change in the Retail Prices Index to the previous September, if lower.

Derbyshire Final Salary members

If you left before 1 July 1990 your entire pension will increase on 1 July by 2.5%.

If you left on or after 1 July 1990, your pension may have two increase dates, which are as follows:

On 1 April:

  • Guaranteed Minimum Pension (GMP) earned before 6 April 1988 doesn’t increase.
  • GMP earned from 6 April 1988 by 3%, or the change in the Consumer Prices Index to the previous September, if lower.
  • Pension earned from 1 April 2011 by 5% or the change in the Retail Prices Index (RPI) to the previous September, if lower.

On 1 July:

  • Pension in excess of GMP earned before 30 June 1997 by 5%, or the change in the RPI to the previous May, if lower, subject to a minimum of 3%.
  • Pension earned between 1 July 1997 and 31 January 2006 by 5%, or the change in the RPI to the previous May, if lower.
  • Pension earned between 1 February 2006 and 31 March 2011 by 2.5%, or the change in the RPI to the previous May, if lower.

Cheshire Final Salary members

If you joined before 1 January 1995 your pension will increase on the anniversary of your retirement, as follows:

  • Guaranteed Minimum Pension (GMP) earned before 6 April 1989 by 5%.
  • GMP earned from 6 April 1989 by 3%.
  • Pension in excess of GMP earned before 6 April 2005 by 5%.
  • Pension earned from 6 April 2005 by 2.5%, or the change in the Retail Prices Index to the previous September, if lower.

If you joined on or after 1 January 1995 your pension will increase on the anniversary of your retirement, as follows:

  • GMP by 3%.
  • Pension in excess of GMP earned before 6 April 2005 by 5%, or the change in the Retail Prices Index (RPI) to the previous September, if lower.
  • Pension earned from 6 April 2005 by 2.5%, or the change in the RPI to the previous September, if lower.

At Home Group Pension members

Your pension will increase on 1 April as follows:

  • Guaranteed Minimum Pension (GMP) earned before 6 April 1988 doesn’t increase.
  • GMP earned from 6 April 1988 by 3%, or the change in the Consumer Prices Index to the previous September, if lower
  • Pension in excess of GMP earned before 6 April 1997 by 3%.
  • Pension earned from 6 April 1997 by 5%, or the change in the Retail Prices Index to the previous September, if lower, subject to a minimum of 3%.

Nationwide Estate Agents

Your entire pension will increase on 1 April by 3%.