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Fund increases for pensioners and dependants who joined the Fund before April 2002 are subject to a cap of 10 per cent per annum and this will be the increase awarded on 1st April 2023 for members in this section. However, those pensioners and dependants in the Pre2002 section, who are aged 80 or over at 1 April 2023 will receive the full RPI increase of 13.44 per cent.

Those pensioners and dependants who joined the Fund on or after 1 April 2002 or who joined the Sinclair Collis section of the Fund between 1 October 2001 and 31 March 2002, are subject to a cap of 5 per cent per annum, which is the increase that will be awarded to members in these sections.

Pensions for former members of the Robert Fletcher Pension Fund, the Imperial Retirement Benefits Scheme and the Rizla Pension Scheme are increased in accordance with the Rules of these schemes. Full details will be provided in the annual pension increase letter.

Statutory requirements

None of the increases described above apply to any GMP (Guaranteed Minimum Pension) element of your pension, which receives increases in line with statutory requirements until GMP age (60 for women and 65 for men).

From GMP age, the Fund is not required to increase any GMP in payment built up prior to 6 April 1988. Any built up after this date increases in payment in line with the rise in the Consumer Price Index (CPI), subject to a maximum of 3 per cent per annum, which is the case this year. For those with 'notional' GMPs, increases only apply to your Fund pension in excess of the 'notional' GMP.

Pensioners will receive a letter towards the end of April 2023 confirming this year's increase and the revised amount payable, including any GMP and/or notional GMP amounts. Payslips and P60s for the 2022/23 tax year will also be issued by the end of April.