The 2023 valuation showed a large surplus in the Scheme. Under the Scheme rules, this will allow us to increase pensions by 19% of the members’ guaranteed pension. This will be done by granting a new bonus pension.
The new bonus pension will be effective from 23 September 2024. If you are paid every 4 weeks, you’ll start getting your increased pension on 4 October 2024. If you are paid every 13 weeks or annually, you’ll start getting the higher amount on 18 October 2024. In addition to your new bonus, your guaranteed pension will also increase by the annual RPI increase, which this year is 2.9%.
If you are currently in receipt of a MPS pension, you’ll get a letter with all the details about your increased pension at the start of October. If you’re not yet taking your MPS pension, you’ll receive a full statement of benefits next year which will include the new bonus pension.