Follow the guidance for:
1995 and 2008 Section
Your pension will be revalued each year.
It's increased to keep pace with rises in the cost-of-living by the application of pensions increase (PI).
This is calculated in April each year.
PI is provided by HM Treasury. This is calculated on any rises in the-cost-of living in the 12-month period to the end of September in the previous year.
Your pension is protected against negative growth. If PI is negative, your pension will not reduce and will remain at the same level.
Read more information about the PI factors.
2015 Scheme
The amount of pension you earn each year is revalued to account for the cost-of-living increases.
Each Scheme year is revalued on 6 April until you retire or leave.
Each amount is revalued using a Treasury Order plus 1.5% each.
Treasury orders are a notification of the value of the change in prices or earnings to be applied as part of the revaluation.
If you leave the 2015 Scheme before becoming entitled to claim your retirement benefits, your pension will be revalued each year in line with the Consumer Prices Index (CPI).
This is protected against negative growth. If the CPI for a year is negative, the pension will not reduce.