Your annual pension increase
Your pension increases annually, every April.
This is done in line with changes in the Retail Prices Index (RPI) from the previous September, up to a maximum of 2.5%.
The same applies to any dependants' pensions.
The RBP administrator, Broadstone, will send you a letter every year to tell you what the pension increase is, and the amount of pension that you will get.
Your increase for this year (2025)
The increase in the Retail Prices Index (RPI) over the 12-month period ending September 2024 was 2.7%.
As outlined above, the pension increase is capped at 2.5% if RPI is above this level.
Therefore, for 2025, a capped increase of 2.5% will be given to any Retirement Balance Plan category members who retired before 2 April 2024. This will take effect from 1 April 2025.
If your pension started on or after 2 April 2024, you will receive a proportionate increase to your pension through the RBP. This will also take effect from 1 April 2025.
Full details of this year's pension increase were included in your Pension Increase letter, which was issued to you by post. If you did not receive a letter, or have any questions about your increase, please contact Broadstone using the information on the contact details page.
