Pension Increases
When are pensions increased?
Pensions are increased if there is any increase, for both pensioners and spouses, on 1st July each year. Paid through July payroll on or around 23rd July.
How much are pensions increased by?
Subject to the agreement of the actuary, pensions that have been in payment for 16 months or more at the increase date are increased in line with the requirements of the Scheme Rules or legislation. The level of increase depends upon when the pension was earned.
The main exceptions to this policy on increases are:
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Voluntary Pension Scheme(VPS) Benefits. These are contributions transferred into the VPS from the Triplex fund and extra contributions paid to the hourly paid scheme before April 1980. Increases are only paid on these benefits when the actuary confirms that the investment performance is sufficient to pay them.
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