Item Welcome to the NHS Business Services Authority Knowledge Base, the place to ask us anything you need to know

Document What are Pension Increase factors?

The Pension Increase (PI) factors are the factors used to re-value a deferred pension before it is put into payment. They are sometimes referred to as annual uplift figures, annual uprate figures or deeming factors.

When a deferred pension is first calculated it is calculated using the Total Pensionable Pay (TPP) figure that the member was receiving when they originally left the scheme. After calculation the pension needs to be re-valued to bring the pension up to date. After being re-valued the pension is then put into payment at the re-valued amount. It will subsequently attract the appropriate yearly increases every April, applied by NHS Pensions.

If a member was to apply for an estimate before they retired the (PI) factors would be applied to their estimate.
 

You can find the Pension Increase factors on the HM Treasury website.
 

Fields
Description:
Pension Increase Factors, deeming factors, yearly uprate, Index, Index linked, inflation, increases, CPI, RPI
See also...

Need more help?

If this doesn't answer your question please contact us directly or search again. Search Again

Rate this answer