For retirements up to 31 December 2007

Your pension will increase each year in line with inflation, up to a maximum of 5% (apart from any Guaranteed Minimum Pension (GMP) element).

'Inflation' means an increase in the Retail Price Index over the 12 months to the January before the 1 April increase date. The increase is published in February.

The increases that have been applied for the last five years are as follows:

2019 2.5%
2018 4.0%
2017 2.6%
2016 1.3%
2015 1.1%

You can see the latest 'Your pension' newsletter available in the downloadable documents area.