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% |
At any time after you reach age 55 you may apply to the Trustee to take your deferred pension early; further details are shown on the Early Retirement page.
Once your deferred pension starts to be paid, it will become subject to the pension increases for pensioners.