2021 Increase declared
The Board of Trustees declared a pension increase of 1% with effect from 1 January 2021. While the pension increase is low, please note that price inflation was only 2.2% for the year to 30 June 2020.
More good news….
Pensioners will also receive a bonus in December 2020 amounting to 55% of their gross monthly pension. Pro-rata bonuses will be paid to pensioners who had been receiving a pension for less than a year.
Pension increases and any bonus declarations are dependent on affordability and are always based on sound investment returns of the fund.
THE FUND’S CURRENT PENSION INCREASE POLICY IS TO TARGET 70% OF CPI (click here for the January 2021 pension increase letter