We work hard to avoid using jargon in all our communications with you but some terms are unavoidable. These are explained here. We’ve also included some terms which we try not to use but you will often see in communications about pensions in general. If there are any terms you don’t understand but which aren’t explained here, please let us know using the Contact Us tab.
The pension you earn each year will be indexed each year to account for inflation in the period before you retire or leave. If you are paying into the scheme we use CPI 1.6% to revalue your pension. If you have left the scheme we use CPI.
The overall level of your contributions as a percentage of payroll required by HM Treasury which when added to the employers contribution will meet the liabilities of the scheme.