Now that you’ve retired, you’ll want to know how your pension will be paid and how we calculate any increases. Here you’ll also find how to contact us if your circumstances change and how you can keep in touch with the University.
Annual increases to your pension
Every April, your pension for the previous 12 months will be increased to take inflation into account.
How we calculate the increase depends on when you built up your benefits, but generally the increase will reflect the change in the Retail Prices Index or Consumer Prices Index up to a maximum of 5% a year.
|When you built up your benefits||Inflation measure used|
|Before 1 April 2012||Retail Prices Index up to 5% every year*|
|Between 1 April 2012 and 31 December 2018||Consumer Prices Index up to 5% every year|
|After 1 January 2019||Consumer Prices Index up to 5% every year|
If you have not been in receipt of your pension for 12 months, the first increase will be pro-rated for the number of months you have been retired.
*If you have membership between 1978 and 1997, your benefits will include a Guaranteed Minimum Pension (GMP). GMP increases differently to the above table.
Rules for the increases to GMP are complicated and depend on when your pension was built up and when you reach State Pension Age.
Any pension you have built up in excess of the GMP will increase as described above.
How you’ll receive your pension
Your pension will be paid monthly, in arrears, into your bank account. It will be taxed in the same way your pay was when you were working. If your pension is greater than your personal allowances for taxation, tax will be deducted before payment is made to you.