Transport for LondonTfL Pension Fund
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While you are below State Pension Age, the whole of your pension will increase each April, even if you haven't started drawing it yet.
It is increased in line with Retail Prices Index (RPI) inflation over the 12 months ending in the previous September. If you joined after 1 April 1989 your increases are limited to a maximum of 5 per cent.
- Increases at State Pension Age
- 2008 pension increase
- Adult dependant and children's pension increases
- Pensioners living overseas
Pension increases are paid in the first pension payment of each tax year. Unfortunately we can't pay increases sooner as the process can only start at the end of the previous tax year.
Increases at State Pension Age
Once you reach State Pension Age, increases will be paid on the various parts of your pension as follows:
Pension in excess of the Guaranteed Minimum Pension (GMP) (including all pension earned after 5 April 1997).
This part of your pension is increased as described above.
GMP earned between 6 April 1988 and 5 April 1997.
This part of your pension is also increased as above, except that the increases are limited to a maximum of 3 per cent each year.
Further increases may be paid by the State.
GMP earned before 6 April 1988.
This part of your pension is not increased by the Fund but may be increased by the State.
In addition, the Trustees have discretion to approve other increases, subject to the consent of the principal employer.
2008 pension increase
The full pension increase from 1 April 2008 is 3.9 per cent. This was paid to eligible pensioners on 28 April 2008. If you have been receiving your pension for less than a year you may receive a pro-rata increase as follows:
| Effective date | Increase |
|---|---|
| Up to 1 April 2007 | 3.9 % |
| 2 April 2007 to 1 May 2007 | 3.58 % |
| 2 May 2007 to 1 June 2007 | 3.25 % |
| 2 June 2007 to 1 July 2007 | 2.93 % |
| 2 July 2007 to 1 August 2007 | 2.6 % |
| 2 August 2007 to 1 September 2007 | 2.28 % |
| 2 September 2007 to 1 October 2007 | 1.95 % |
| 2 October 2007 to 1 November 2007 | 1.63 % |
| 2 November 2007 to 1 December 2007 | 1.3 % |
| 2 December 2007 to 1 January 2008 | 0.98 % |
| 2 January 2008 to 1 February 2008 | 0.65 % |
| 2 February 2008 to 1 March 2008 | 0.33 % |
Adult dependant and children's pension increases
Pensions payable to your adult dependant and eligible children are increased each year in the same way as members.
Pensioners living overseas
We will continue to pay increases to your pension wherever you live. In addition, if you live in a country in the European Economic Area (EEA) or a country which has a social security agreement with the UK, you will also receive increases on your basic state pension and possibly your GMP from the UK Government.
The countries involved change from time to time as determined by the UK Government. Details can be found on the Department for Work and Pensions' website at http://www.dwp.gov.uk/
