2024 Increase declared

The Board of Trustees declared a pension increase of 4.5% with effect from 1 January 2024. 

Please remember

ALTHOUGH PENSIONERS RECEIVED A DECEMBER 2023 BONUS, PLEASE NOTE THAT THERE IS NO REQUIREMENT FOR THE FUND TO PAY BONUSES

AND THERE SHOULD BE NO EXPECTATION THEREOF.

THE FUND’S PENSION INCREASE POLICY WAS PREVIOUSLY TO TARGET 70% OF CPI. THE 1 JANUARY 2024 PENSION INCREASE WAS IN EXCESS OF THIS TARGET.

The Board of Trustees, at their meeting held on 27 February 2024, approved an improvement to the pension increase policy, whereby the pension increase target

has been increased from 70% to 80% of the Consumer Price Index (CPI).

The revised Pension Increase Policy is as follows:

Annually perform a review to target a pension increase of 80% of CPI effective 1 January but based on CPI to the preceding 30 June (subject to affordability as determined by the Actuary having regard to investment returns), including the value of any bonus.

Every three years perform a catch-up review to increase pensions to 100% of CPI since the date of retirement, subject to the value of the notional pensioner account and affordability, as set out in the Pension Funds Act as amended.

The Trustees have the discretion to review and revise the pension increase policy from time to time based

on the circumstances of the Fund, after consultation with the Actuary.

The Fund shall communicate the pension increase policy to members when it is established and whenever it is changed.