PENSION INCREASES
Different benefits apply to former Gas Scheme members. Please click here for more information.
Your pension is increased on 1 April each year in line with inflation as measured by the increase in the Retail Prices Index (RPI) over the 12 months to the previous September, up to a maximum of 5%.
If the increase in RPI is greater than 5%, any increase in excess of 5% is payable solely at the discretion of National Grid.
If you have not yet reached age 65 for men, and 60 for women, the increase is applied to the whole of your pension. Once you get past these ages, things are a little more complicated!
GMP increases
For members with Guaranteed Minimum Pensions (GMPs) that were not part of the Group’s recent GMP equalisation exercise, different increases set by the government apply to the GMP part of your pension - post 1988 GMP increases by CPI up to a max of 3%, pre 1988 GMP does not increase.
Non-GMP increases
Increases to your pension in excess of the GMP will be made in line with inflation as measured by the increase in the Retail Prices Index (RPI).
If your pension has not been in payment for a full year, you will receive a proportional increase.
Railpen send out a statement each April giving you the breakdown of how your pension increase has been calculated.