Revaluation of Benefits
To give some protection against inflation, your preserved pension is increased between you leaving employment with Pilkington and retirement.
Your preserved pension built up after 5 April 1997 increases, for each complete year between leaving and retiring, in line with the requirements of legislation.
Your preserved pension built up before 6 April 1997 includes an element known as a Guaranteed Minimum Pension (GMP). The GMP and the preserved pension in excess of the GMP are increased differently but again in accordance with legislation.
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Your GMP increases between the date of leaving and state pension age at a fixed rate which depends on your leaving date.
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Any preserved pension in excess of the GMP increases in the same way as preserved pension built up after 5 April 1997.
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The Scheme is required to equalise GMP benefits between men and women. This will be done at retirement.