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News updates

Read the latest updates from the world of pensions and see how they affect you as a member of the Scheme.

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Read the latest news about the Fund and your pension below.

Your 2026 Fund pension increase

Mar 24, 2026
Your Fund pension will increase by up to 3.8% from 6 April 2026.

Each year, pensions for retired and preserved members increase in line with government orders and based on the Consumer Prices Index (CPI) from the previous September. 

Spouses’ pensions increase in the same way.

For the 2026/27 tax year, this means that your pension will increase by up to 3.8%. 

You’ll get a letter in spring confirming your new pension amount. 

You will then also see your updated pension payments on your payslip in your myFund account. 

Why the increase may be different for some members

How much of the 3.8% increase you get will depend on:

  • how long you have been a retired or preserved member
  • the rules of your specific section

If you took your benefits, or became a preserved pensioner, on or after 22 April 2025, you won’t get the full amount because you’ve been retired, or preserved, for less than a year. 

You can see how this works in the table below.

Date you started claiming your pension
(or your pension became preserved) 		% increase to railways pension
21st April 2025 or before 3.8
22nd April – 21st May 20253.48
22nd May - 21st June 2025                                                  3.17
22nd June - 21st July 2025                                                        2.85
22nd July - 21st August 2025                                                   2.53
22nd August - 21st September 2025                                     2.22
22nd September - 21st October 2025                                   1.90
22nd October - 21st November 2025                                    1.58
22nd November - 21st December 2025                               1.27
22nd December - 21st January 2026                                      0.95
22nd January – 21st February 2026                                       0.63
22nd February - 21st March 2026                                           0.32
On or after 22nd March 2026                                          0.00

 

If you’re 65 or older on 6 April 2026, you may also receive a lower increase. This is because your pension may include some ‘guaranteed minimum pension’ (GMP). With GMP, you usually get a lower increase from the scheme and the government may top this up if you reached State Pension age before 6 April 2016. Some exceptions apply to married women who paid reduced National Insurance contributions and certain pensioners who worked or live abroad.

If you have questions about your GMP, you should contact your local pension centre. You can find details at gov.uk/contact-pension-service

When you can expect to see the increase 

Your new pension rate will apply from 6 April 2026. 

Depending on your payment date, this may mean that your first payment after 6 April will include a mixture of the old and new rates. 

This number of weeks you will receive at the old rate, and the new rate, is shown in the table below. 

 Weeks at:
Date of pension payment Old rateNew rate
10/04/2025                                31
17/04/2025                                        2 2
24/04/2025                                        13
01/05/2025                                     04
 
How this may affect your tax 

Your pension is a taxable income. The amount of tax you pay depends on your tax code, which is set by HM Revenue & Customs (HMRC). 

If your overall income changes – for example because your State Pension or workplace pension has increased – HMRC may change your tax code. This might mean that you pay more tax, so your ‘take home pay’ will go down. 

You can see your current tax code on your P60 in your myFund account.

If your tax code changes, HMRC will usually contact you.

If you need more information about your tax code, or the tax you may need to pay, you will need to contact HMRC directly.

If your circumstances change – for example if you change your name due to marriage or divorce – it’s important you let us, and HMRC know as soon as possible. This can help to avoid any mix up with your tax code moving forward. 

If you’re planning on changing your bank account

If you’re changing your bank or building society, you need to update your details at least 10 working days before your pension is due to be paid. You should try to keep your old account open, until this has been confirmed. 

You can update your bank details by logging into your myFund account. You can also find more information on the updating my bank details page. 

Where to find more information about your pension increase

You will get a letter in the spring confirming your new pension amount. 

You will then also be able to download your latest payslip or P60 from your myFund account.

If you have any further questions, please check