Pension Increase rate for a Newish Pensioner

[Boobear]

I'm new to all this, well new by 6 months when my Group A SPS started paying out.
So I see we all got Statements saying an increase of 10.1% is coming but the calculations don't add up.
The actual uplifts per line i.e Pre 1988 GMP / Post 1988 GMP and Pension in excess of GMP 60 amount to 5.8%
It says if yu retired part way through the year you will only receive part of the full increase.

Can anyone explain why that is the case please. Why doesn't my current just over £10k per year get the whole 10.1% added

Many thanks

[RobertT]

It's paid pro rata!

You only get the full percentage increase, if you've been receiving your pension for the full 12 months beforehand.

[Boobear]

Seems a tad unfair. So if my Pension was not in payment would it have gone up by the full amount?
I assume I will not get the higher rate from the Anniversary of starting to be paid, i.e 6 months time.

If salaried, I wouldn't expect to get a lesser rise than everyone else when a pay deal was done.
i accept that's the way it is but am disappointed they send me a Pension Breakdown showing the % increase and then only give half of it.

Thanks

[renrag40]

It's paid pro rata!

You only get the full percentage increase, if you've been receiving your pension for the full 12 months beforehand.

So, if you are about to take your pension mid year is the pension increasebin April paid pro rata?
For example, if you were due to take your nra60 at the end of September when you reach your 60th birthday would you get a 2.5% increase over the previous years pension statement instead of the 5% April increase?

[RobertT]

That's my understanding, but I'm quite happy to be proven wrong.

EDIT:

This is what the RMPP website says:

What if I’ve just started taking my benefits?

If you started taking your pension within two weeks of the start of a new Plan Year (year commencing 1 April), you might not be eligible for your first yearly increase until the following Plan Year. Or, if you started taking your benefits later in the Plan Year, your first yearly increase might be lower to reflect this.

https://www.royalmailpensionplan.co.uk/ ... r-pension/