PPF Annual Increase

westv

Just had my latest estimated pension statement from the PPF for pre April 1997 service (claiming from 2023). The increase is around £67 on last year ( £4,334). Increases are based on CPI.
Does that sound about right? Seems on the low side to me.

westv

I'm surprised nobody knows.

Deneb

Well, I confess to knowing nothing about it, but intrigued by your question and after a bit of googling, it appears that for a deferred member (which I assume you are from your question) it is more complex than a simple CPI increase and involves calculation of revaluation periods and revaluation factors:

http://www.pensionprotectionfund.org.uk/DocumentLibrary/Documents/PPF_Revaluation_Guidance.pdf

Though as I say, I know nothing about it other than finding that document!

xylophone

Do you have a GMP?

Is it possible that the revaluation is not being applied to that portion of your pension?

Have you rung the PPF to enquire?

http://www.pensionprotectionfund.org.uk/Pages/ContactUs.aspx

westv

Everything I've read before states that, prior to payment, deferred pensions for service prior to April 97 that were under the PPF increase by CPI or 5% (whichever the lower).

HappyHarry

westv wrote: »

Everything I've read before states that, prior to payment, deferred pensions for service prior to April 97 that were under the PPF increase by CPI or 5% (whichever the lower).

I would expect that to be the case.

Do you know what date they look at the CPI, and when the increase is applied?

xylophone

You have statements from previous years?

To which month in the year does the CPI relate?

westv

The increase is around 1.54% but the CPI hasn't been that low at all this year. I'll ask them.

westv

I've been able to dig out the following:

01/10/14 £4,184
01/10/17 £4,334
06/07/18 £4,401

HappyHarry

The increases seem to be lower than CPI.

If you speak to them, please could you come back and let us know what they say?

westv

I sent an email but haven't had an answer so far.