AA Pension Scheme
Deferred

Scheme information

Pension increases

As a member of the Scheme, once your pension is in payment, it will be reviewed each year and will have increases applied to it. How your increases are calculated will depend on which section of the Scheme you are in. If you’re unsure of the section you’re in, please visit the Member Portal

Staff

For pension benefits built up before 23 September 1999
Your pension (above your GMP) increases each year on 1 April (or such other date as the Trustee and the Principal employer agree) in line with inflation (as measured by the Retail Prices Index, over the 12 months ending on the previous 30 September).

For pension benefits built up between 23 September 1999 and 30 June 2010
Your pension increases each year on 1 April (or such other date as the Trustee and the Principal employer agree) in line with inflation (as measured by the Retail Prices Index, over the 12 months ending on the previous 30 September) up to a maximum of 5%.

For pension benefits built up on or after 1 July 2010
Your pension increases each year on 1 April (or such other date as the Trustee and the Principal employer agree) in line with inflation (as measured by the Retail Prices Index, over the 12 months ending on the previous 30 September) up to a maximum of 2.5%.

Guaranteed Minimum Pension (GMP)
The GMP element of your pension will be subject to statutory increases, the exact basis differs depending upon when you left ‘Active’ Status, when your pension commenced and your age.

Care

Retirement income earned up to 30 June 2010
Will receive annual increases in line with price inflation* up to a maximum of 5%.

Retirement income earned from 1 July 2010
Will increase in line with price inflation* up to a maximum of 2.5% each year.

* From 1 April 2018 the measure for price inflation used is the Consumer Prices Index (‘CPI’) rather than the previous measure of the Retail Prices Index (‘RPI’).

Management 1

For pension benefits built up before 30 June 2010
Your pension (above your GMP) increases each year on 1 April (or such other date as the Trustee and the Principal employer agree) in line with inflation (as measured by the Retail Prices Index, over the 12 months ending on the previous 30 September) up to a maximum of 6%.

For pension benefits built up on or after 1 July 2010
Your pension increases each year on 1 April (or such other date as the Trustee and the Principal employer agree) in line with inflation (as measured by the Retail Prices Index, over the 12 months ending on the previous 30 September) up to a maximum of 2.5%.

Guaranteed Minimum Pension (GMP)
The GMP element of your pension will be subject to statutory increases, the exact basis differs depending upon when you left ‘Active’ Status, when your pension commenced and your age.

Management 2

For pension benefits built up before 30 June 2010
Your pension (above your GMP) increases each year on 1 April (or such other date as the Trustee and the Principal employer agree) in line with inflation (as measured by the Retail Prices Index, over the 12 months ending on the previous 30 September) up to a maximum of 6%.

For pension benefits built up on or after 1 July 2010
Your pension increases each year on 1 April (or such other date as the Trustee and the Principal employer agree) in line with inflation (as measured by the Retail Prices Index, over the 12 months ending on the previous 30 September) up to a maximum of 2.5%.

Guaranteed Minimum Pension (GMP)
The GMP element of your pension will be subject to statutory increases, the exact basis differs depending upon when you left ‘Active’ Status, when your pension commenced and your age.