Pension Increase announced

Well you probably have all received your pension increase letter with 5% for pension built up between April 1997 to April 2005 and 3% since April 2005.

Hopefully you are not confused by the 5% as this is the official government Pension Revaluation Order amount announced in Jan 2023 and specifies that pensions must be increased by 5% (April 1997 - 2005) and 2.5% (from April 2005), so a generous 0.5% extra from the Bank! (although this was mandated by the scheme rules).

To put this increase into context, I am lucky to have another Pension from Standard Life and the increase from them was the statutory amount plus a discretionary increase of 4.9% and 7.4%, so 9.9% for both in total.

In my view the Bank and Trustees are not looking after the best interests of its pension scheme members, as can be seen from the above.