Pension in Payment Bonus: Overview

Bonus pension increases are announced in December and applied to the pension with effect from 1 January.

Increases apply to Survivor’s, Children’s, Disability and Retirement Pensions in Payment arising from Triple C Plans, Flex Plans, Unit Linked Plans and Group Risk Plans, with the exception of pensions which do not qualify for annual increases.  Increases also apply to Disability Pensions in Payment arising from Level Plans.

The increase is determined having regard to price inflation for the period September to September in the relevant currency. This is not a guarantee but rather a target and should not be regarded as the upper or lower limit of future increases.

The bonus pension increases are ratified each year following the results of the annual actuarial valuation.