For Officer members, if you have actively contributed to the 2008 Section during the Scheme year, your statement will show your pension calculated using the latest reckonable pay figure and total membership. Details of which will have been provided by your employer(s).
If you are no longer a member on the Scheme, and have not contributed during the last Scheme year, your pension will be revalued each year in line with the Pensions Increase Act. Pensions Increase (PI) is applied each April, whilst your statement is updated to 31 March. For example your 2016/17 statement will be revalued using the April 2016 PI figure (if applicable).
PI is provided by HM Treasury and is calculated based on any rises in the cost of living in the 12 month period up to the end of September in the previous year. Any queries about how this figure has been calculated should be directed to HM Treasury.
Your pension is protected against negative growth. This means that even if the Pensions Increase used is negative your pension will not reduce and instead remain at the same level.
For Practitioner members please see the related article How is a Practitioner pension calculated in the 2008 Section?
How is my 2008 Section pension revalued each year on my Total Reward Statement/Annual Benefit Statement?
Keywords: 1995 revalud, 1995 increase