Pilkington Superannuation Scheme

When are pensions increased?
Pensions are normally increased, for both pensioners and spouses, on 1st July each year.

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 change in the Retail Price Index (RPI) published in April, if the RPI is below 5%.

If the RPI is above 5%, then the pension increase may not be more than 9/10 of the RPI.

The main exceptions to this policy on increases are:

	Guaranteed Minimum Pension (GMP). Once you reach state pension age, the Department for Work and Pensions increases the whole of your GMP earned for Scheme membership up to 5th April 1988 by paying a supplement to your State Retirement Pension. For GMP earned after this date, the Scheme pays the first 3% of the increase.

	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.