1995 and 2008 Section
If you’ve actively contributed to the 1995 Section during the Scheme year, your TRS will show your revalued pension.
This is calculated using the most recent whole time equivalent pensionable pay figure and Scheme membership.
If you’ve actively contributed to the 2008 Section during the Scheme year, your TRS will show your pension calculated using the latest reckonable pay figure and total membership.
If you’re no longer a member of the 1995 or 2008 Section and have not contributed during the last Scheme year, your pension will be revalued each year. This is increased to keep pace with rises in the cost of living by the application of Pensions Increase (PI). This is calculated in April each year.
PI is provided by HM Treasury. This is calculated on any rises in the cost of living in the 12-month period to the end of September in the previous year.
Your pension is protected against negative growth. If PI is negative, your pension will not reduce and will remain at the same level.
If you have any queries on how this figure has been calculated, contact HM Treasury.
2015 Scheme
The amount of pension you earn each year is revalued to account for the cost of living increases.
Each Scheme year is revalued on 1 April until you retire or leave.
Each amount is revalued using a Treasury Order plus 1.5% each.
Treasury orders are a notification of the value of the change in prices or earnings to be applied as part of the revaluation.
If you leave the 2015 Scheme before becoming entitled to claim your retirement benefits, your pension will be revalued each year in line with the Consumer Price Index (CPI). This is protected against negative growth. If the CPI for a year is negative, the pension will not reduce.