PENSION INCREASE 2010

The rise in the Retail Price Index from January 2009 to January 2010 was 3.7%. It is expected that this increase will be applied to British Steel pension payments from April onwards except for that part covered by the Guaranteed Minimum Pension (GMP). Because the latter is part of the State pension arrangements increases are based on the September RPI figure which was negative. It is not anticipated, however, that this part of the pension will be reduced but it will probably be frozen.

Despite the negative inflation last September the Government has announced that the basic state pension (“Old Age Pension”) will be increased by 2.5% but all other components of the state scheme will be frozen.

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