The Trustees, together with Stephanie Peacock, MP for Barnsley East, recently met with Greg Hands (Minister of State for Business, Energy and Clean Growth). The main item of discussion was the possible impact of the current high level of inflation on MPS members. The Trustees asked the Minister if the Government would consider putting the previously agreed changes to protect bonus pensions into place with immediate effect, rather than in 2024.
We are delighted to announce that the Government agreed to the Trustees’ request. This means that, in 2022 and 2023, all members will receive an increase to their total pension equivalent to a full RPI increase on their guaranteed pension. At the time of writing RPI is currently running at 11.8%.
This represents a significant improvement in the level of pension increases over the next two years for MPS members. We are grateful to the Minister for considering the Trustees’ request and agreeing to this change, which will help MPS members at a critical time.
All members will receive an individual letter, detailing how their pension has increased, closer to the 2022 pension increase date of 26 September 2022.