The table below shows the full year percentage increase for each part of your pension. If your pension has been in payment for less than one year, a proportionate increase will be applied.
How this part of the pension increases
Pension element
Pension earned before 6 April 1997
This is paid at the discretion of the Trustee with consent from the Partnership and Partnership Council. It’s capped at 2.5%.
Pension earned from 6 April 1997 to 1 April 2016
In line with Retail Prices Index (RPI), up to 5%.
Pension earned after 1 April 2016
In line with Consumer Prices Index (CPI), up to 2.5%.
Voluntary pension
This depends on an option you will have chosen at the time you paid additional contributions.
Any increases will be applied on the anniversary of the date the voluntary pension started to be paid to you.
You’re likely to be a member of the DB Section of the Scheme if you worked at the Partnership before 1 April 2015. XPS is the administrator of the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined the Partnership after 1 April 2015 will only have a Defined Contribution pension pot.
This is where you can find information about your current pension if you’re a Partner now, or were a Partner after 1 April 2015. The Defined Contribution pages are probably the most important for you.
Members who joined the Partnership before 1 April 2015 may also hold DC pension pots with Prudential or Legal and General, as well as a Defined Benefit Pension in the Scheme. We previously referred to this as Hybrid or Dual Benefit. This is because you may have joined the DC Section of the Scheme when you started working at the Partnership and then, after a defined waiting period (which depends on the date you joined the Partnership), you would have become eligible to join the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined after 1 April 2015 will only have a DC Section pension pot.
