BBC pensions are reviewed annually and any increases are awarded on 1 April.
The scheme guarantees to increase both pensions in payment and deferred pensions by:
- the rise in the Retail Prices Index (RPI) for the previous calendar year (January to December); or
- 10% for Old Benefits, 5% for New Benefits and 2.5% for Career Average Benefits, if less
If you are an Old or New benefits member, in the first year you will receive a proportion of any increase awarded, to reflect the number of complete months from the time you left service to 1 April.
When the rise in the RPI is greater than 10% (Old Benefits) 5% (New Benefits) 2.5% (Career Average Benefits) the BBC may ask the Trustees to award a discretionary increase.
Increases are reported in the Annual Report and Statement of Accounts.
If you joined the Scheme before 1 April 1992, increases are calculated on your annual pension, even though you may have commuted part of it for cash.
If you joined the Scheme after 31 March 1992, increases will be calculated on your actual pension, as it would have been but for any levelling adjustment.
