Pension Increases

How will my pension be increased?

Prior to State Pension Age your pension will be increased each year in the following way:

a) Your pension earned between 6 April 1997 and 5 April 2005 will increase by 5% p.a. or inflation, if lower.

b) Your pension earned since 5 April 2005 will increase by 2.5% p.a. or inflation, if lower.

c) Further discretionary increases may be given on your pension but are not guaranteed.

After State Pension Age your pension will be increased each year in the following way:

a) Any Guaranteed Minimum Pension (GMP) earned between April 1988 and April 1997 will increase by 3% p.a. or inflation, if lower.

b) Your pension earned between 6 April 1997 and 5 April 2005 will increase by 5% p.a. or inflation, if lower.

c) Your pension earned since 5 April 2005 will increase by 2.5% p.a. or inflation, if lower.

d) Further discretionary increases may be given on your pension but are not guaranteed.

However, OUP has stated its intention to review pensions in payment annually with a view to granting discretionary increases on the pension in excess of the GMP, normally in line with inflation, subject to the Scheme having sufficient assets.

When is my pension increased?

Your pension will be increased annually on 1 April each year.

When will you notify me of the increase?

We will write to you in March each year confirming by how much your pension will increase.  It is therefore important that you keep us updated with your current address.