Your Fund pension is reviewed every year. It increases in line with orders published by the government, and is matched to the Consumer Prices Index (CPI) figure from the previous September.
Details about the % annual increases are published in the Spring issue of Penfriend.
For the 2022/23 year, your Fund pension will increase by up to 3.1% from 11 April 2022.
You will be sent a letter advising you of your new pension amount along with the percentage increase.
The payroll is processed a week before the payment date. If you change your bank or building society account, you must tell pensions administrator Railpen about your new account details at least 10 days before your pension is due.
If you can’t give this much notice, you should keep your old bank account open to avoid any payment delays.
Log into your myFund account (or register for one) to tell Railpen about changes to your account details. Alternatively, email the Helpline on email@example.com or telephone 0800 012 1117. Please quote your Pension Reference Number.
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