Most deferred pensions revalue during deferment. The amount of deferred pension in excess of the amount of your Guaranteed Minimum Pension (GMP) at leaving will be revalued in line with the Consumer Prices Index (CPI) up to a maximum of 5% per year compound for pensions built up before 6 April 2009 and a maximum of 2.5% for pensions built up from 6 April 2009.
Your GMP at the date of leaving (if any) will increase each year until GMP Payment Date at a rate depending on the date of leaving, as shown below:
|
Leaver between 6 April 1978 and 5 April 1988 |
5.00% |
|
Leaver between 6 April 1988 and 5 April 1993 |
7.50% |
|
Leaver between 6 April 1993 and 5 April 1997 |
7.00% |
|
Leaver between 6 April 1997 and 5 April 2002 |
6.25% |
|
Leaver between 6 April 2002 and 5 April 2007 |
4.50% |
|
Leaver between 6 April 2007 and 5 April 2012 |
4.00% |
|
Leaver between 6 April 2012 and 5 April 2017 |
4.75% |
|
Leaver between 6 April 2017 and 5 April 2022 |
3.50% |
|
Leaver between 6 April 2022 and 5 April 2027 |
3.25% |
At any time after you reach minimum pension age (currently 55 but increasing to 57 on 6 April 2028) you may apply to the Trustee to take your deferred pension early; further details are shown on the Early Retirement page. If you joined the scheme before 1 April 1993 you may be able to take early retirement from age 50. Please contact us for further information.
Once your deferred pension starts to be paid, it will become subject to the pension increases for pensioners.