Scheme increases in APS are generally in line with the Government’s yearly Pensions Increase (Review) Orders (PIRO). These increases apply to any elements of your pension that qualify for yearly increases under the Scheme Rules. The Orders currently reflect the increase in the Consumer Prices Index (CPI), but the Secretary of State decides how these are measured, and this may change from time to time. Most APS pensions that have been in payment for at least a year will therefore increase by 6.7% from 8 April 2024. 

 

Under the terms of the APS settlement agreement, the APS Trustee may also award a discretionary increase to pension elements that normally receive PIRO increases. The Retail Price Index (RPI) rise over the twelve months to September 2023 was 8.9%. After considering all relevant circumstances, the Trustee has decided to award a discretionary increase of 2.2% from 8 April 2023. This brings the total 2024 pension increase for eligible pensions to 8.9%. 

 

· The PIRO increase for 2024 is based on the Consumer Prices Index rise over the twelve months to September 2023. 

· The increase applies to elements of pension that are eligible for Scheme increases. 

· Some elements of pension may receive different levels of increase. 

· Different rules apply in respect of any Guaranteed Minimum Pension (GMP) included in APS pensions. 

 

Issued on behalf of the APS Trustee