08/03/2023 |

Annual Pension Increases for 2023/24

The pension increases to BTPS members' pensions in payment, that are expected to apply from 1 April 2023, 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. For members registered for our member portal, payslips will be available online earlier in April. Register for the portal today and we'll email you to confirm when your payslip is online to view and download.

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 (PIE) 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. You can find more information on our Payments page 

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 and B
Basis for the pension increase Percentage increase for 2023/24*
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 2021 to September 2022.     10.1%
*Confirmation of the actual figure to be used will be determined by a government Order which goes through Parliament. This usually happens in March.

Find out more in the Section A and B Payslip Guide 

Section C
Basis for the pension increase Percentage increase for 2023/24# 
The increase for members in Section C is based on the increase in the Retail Prices Index (RPI) in the 12 months from December 2021 to December 2022. It is subject to a cap of 5 per cent.  5%
#If you first started taking your pension after 1 April 2022, your pension increase will be pro-rata to the number of complete months since your pension start date.

Find out more in the Section C Payslip Guide