Pension Increases

Plan 35

As a member of Plan 35, your pension or any pension paid to your dependants (including children’s allowances) above the Guaranteed Minimum Pension will increase each year at a rate equal to the increase in the Retail Prices Index, up to the maximum of 5%.  The increase from 1 April 2017 is 2.5%. 

The Guaranteed Minimum Pension also receives increases, partly from the Plan and partly from the State.

Plan 18

If you receive your pension from the Fund, your pension or any pension paid to your dependants (including children’s allowances) above the Guaranteed Minimum Pension will increase each year at a rate equal to the increase in the Retail Prices Index, up to the maximum of 5%.  The increase from 1 April 2017 is 2.5%. 

The Guaranteed Minimum Pension also receives increases, partly from the Plan and partly from the State.

If you decide to secure your benefits with an insurance company, the increases that will apply to your pension will depend on the terms of the annuity.

Flexible Scheme

All pensions paid by the Flexible Scheme will increase in line with the Retail Price Index up to a maximum of 2.5% each year.  The increase from 1 April 2017 is 2.5%.

© Clarks Pensions 2014