23/03/2022 |

Annual Pension Increases for 2022/23

The pension increases to BTPS members' pensions in payment, that will apply from 1 April 2022, are now published. Increases apply to increasing pensions in excess of any Guaranteed Minimum Pension (GMP).

Members will receive their individual payslip with their new payment amount towards the end of April. Payslips will be available earlier on the member portal - register today and we'll email you when your payslip is online, on or around 12 April.

Your pension is made up of different components and different percentage increases apply to these different components. The rate of increase applied to each component is determined by a range of factors, such as the dates you were a contributing member, whether you chose a Pension Increase Exchange option when you retired (which would mean part of your pension never increases), and whether you've reached GMP age. We explain more in our Payslip Guide which you can find using the links below for the section of the Scheme you are in. For more information see Payments 

The pension increases which are applied to your pension are governed by the Scheme Rules and legislation, which the Trustee is obliged to follow.

Sections A or B
Basis for the pension increase Percentage increase for 2022/23
Increases for members in Sections A and B of BTPS are based on the increase in the Consumer Price Index (CPI) in the last 12 months from September 2020 to September 2021.     3.1%
Find out more in the Section A and B Payslip Guide 

Section C
Basis for the pension increase Percentage increase for 2022/23 
The increase for members in Section C is based on the increase in the Retail Prices Index (RPI) in the 12 months from December 2020 to December 2021. It is subject to a cap of 5 per cent.  5%
Find out more in the Section C Payslip Guide