Your BCSSS Guaranteed Pension increases on 1 January each year in line with the Retail Price Index (RPI) measure of inflation. The increase is based on the change in RPI over the previous year to November.
The November 2022 RPI figure has just been published, so we are able to confirm that the increase to Guaranteed Pensions from 1 January 2023 will be 14%.
If your pension is in payment, you will receive a personalised letter, telling you exactly how your pension has increased, closer to the 31 January 2023 payday. If your pension is not yet in payment, you will receive a benefit statement later in 2023 with full details.