Pension Scheme Statement

[Andy434]

Hi all, I have just received the April 2022 pension statement. All figures including (Annual Pension - Pension Increase Amount - Current Value - Lump Sum etc) are exactly the same as the April 21 statement figures. I am a deferred Section B Member, but I thought that pension benefits were uprated by CPI each year, and I think Septembers 21 CPI was 3.1%. Can anyone shed any light?

[Andy434]

So just contacted the Darlington number on the back of the statement. What I have been told is that because I am a deferred member, I will not see any changes to the figures because I am no longer a contributing member and the uplift for inflation will be made at retirement! Now this doesn't seem right to me because a) the statement says that benefits built up will be re-valued each year in line with CPI (max 5%) and b) my 2021 statement when compared to 2020 has a pension increase amount uplift, whereas the 2022 statement has stayed the same as the 21 statement. So, either it is wrong, something has changed since last year or CPI in September 21 was 0%. Apparently, they are sending me confirmation so will wait to see what that says. If I am missing something really obvious, please feel free to say so.

[NorthernBoy]

Doesn’t sound right. I am deferred section c and mine has increased by 3.1%

[garymalcolm]

I thought that too but it is because the CPI in 2020 was 0.5%. This was applied to pensions from Apr 21 to Apr 22, the statement we have just received is for Apr 22. There is no increase I presume because it is less than 1%, I think I read the next increase is going to be slighter higher than the 3.1% cpi 2021 to account for it but I could be wrong. Our next increase I think is 3.9% and then 5% as it's capped at that level.

[Andy434]

Many thanks for the replies appreciate it, I was a year in front, so as I now understand it the 3.9 % was added to pension values from April 22 and will show in the next statement. The max 5% should be added in April 23 but will not show until the statement after that.

[Hertsman001]

As a deferred member I to had a statement last week showing the same figures as last year. So I to made the phone call and was told that they are aware some statements have gone out without the increase added. The lady said that they know which ones was sent out wrong and that replacements will arrive by the end of November. We shall see.