Information about the increase according to GEP law or pension increase policy:
- According to the GEP Law, the Fund’s stated aim is to grant annual pension increases on 1 April each year equal to:
- At least 75% of the year-on-year increase on the Consumer Price Index to the previous 30 November; plus
- Any additional amount, after the increase above, necessary to maintain the purchasing power of at least 75% of the pension at retirement.
- Where the pensioner has retired after the previous 1 April, the pensioner will receive only a pro-rated increase.
- It must be noted that an increase above what is provided for in GEP Law is granted at the discretion of the Board of Trustees and is subject to affordability