2022 Pension Increase
31 March 2022
The total 2022 Pension Increase is 4.9%
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.
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. After considering all relevant circumstances, the Trustee has decided to award a discretionary increase of 1.8%. This brings the total 2022 pension increase for eligible pensions to 4.9%.
- The PIRO increase for 2022 is based on the rise in the Consumer Prices Index in the twelve months to September 2021.
- 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.