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Scheme Rules Scheme News Useful Resources Tax Year End FAQs Pension Increase FAQs Reporting a death

Pension Increase (PI)

At defined times of year, your pension scheme applies increases to pensions in payment. If you have been in receipt of a pension for some time you will be accustomed to seeing increases applied each year. If your pension has only started in the last year then this may be the first time you have been through this process. We have provided some Frequently Asked Questions (FAQs) below covering some of the topics that we often get asked about.

CoVid is affecting the number of telephone queries we are able to respond to. So that we can support those in the most vulnerable situations we ask that you call us only if your enquiry is urgent. We are doing our best to help, and appreciate your support and understanding. If you have a non-urgent query, can you please check the FAQs first to see if they provide the information that you need. If the FAQs do not cover your question, the best way to contact us is now via email using the contact form at https://equiniti.com/uk/contact-us/pension-member-enquiries.

What is Pension Increase (PI) and when will it be applied?

Pension Increase is the annual increase applied to your pension. The increase has been calculated and applied in line with your Scheme Rules and statutory requirements. The increase for April 2022 is 3.1%. Any pension which had been in payment for less than a year is increased by a proportionate amount depending on when the pension started during 2021/22.

On my P60, why is the annual pension figure not the same as the actual pension I get paid?

Your P60 shows the total of all payments you’ve received during the tax year. This may be different to your annual pension figure because it may take into account a number of factors such as a change in the annual rate paid to you, or an increase in pension during the year.

If I haven’t received my P60 yet when will I receive it?

They are issued at or before the end of May, in line with HMRC rules.

Who do I speak to if I think my tax code is incorrect?

We are unable to change your tax code unless HMRC tells us to do so. If you have any queries about your tax code or tax liability, please contact HM Revenue & Customs.

Why is my Pension increase less than I expected?

The amount of Pension Increase is set in accordance with the Rules of your Pension Scheme. Also, If you retired part way through the year, you may not be entitled to the full annual increase this year.

Why is my Pension increase less than last year?

There are a number of reasons why this might happen. Some Schemes change the level of increase they pay each year, so the increase can vary from year to year. Another reason why this might happen is that if you have reached State Pension Age, some of your increase may be paid by the Government via your State Pension, so the Scheme increase only covers some of your pension.

What is my State Pension Age?

Your State Pensions Age depends on when you were born. If you wish to check your State Pension Age, please visit https://www.gov.uk/state-pension-age.

I normally receive a Pension Increase letter, why haven’t I received one this year?

In view of the current situation we are prioritising key services to all our pension scheme members which means that this year our focus is on ensuring you get the correct payments into your account. Rest assured that your pension increase has been applied in the normal fashion, and if you have any questions please contact us by email.

Where can I check what my Pension Increase should be?

There are a number of places you may be able to check this, including the Scheme Rules, Scheme booklets or your Scheme website.

Quick Links

Scheme Rules Scheme News Useful Resources Tax Year End FAQs Pension Increase FAQs Reporting a death

Need some help?

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0345 408 2991

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February 2022 Newsletter