Tel: 0800 012 1117

Annual pension increase

Your Fund pension is reviewed every year. It increases in line with orders published by the government, which currently uses the Consumer Prices Index (CPI) figure from the previous September.

Your 2026 Fund pension increase

The Fund pension was increased by up to 3.8% for the 2026/27 tax year. 

How much of this rise you receive will depend on how long you have been a retired (or preserved) member and the rules of your specific Section of the Fund.

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. Spouses’ pensions increase in the same way.

You will get a letter in the spring confirming your new pension amount. You can also find your pension payment amount on your payslips in your myFund account.

For more information please check:

Will my tax code change if my pension increases?

Your pension is a taxable income. The amount of tax you pay depends on your tax code, issued by HM Revenue & Customs (HMRC). We use your tax code to work out how much Income Tax to take from your pension. Tax is taken from your pension before it reaches your bank account.

If your income changes, HMRC may change your tax code. Your tax code is based on your own personal circumstances, and it may affect the amount you get at the new four-weekly rate, after tax.

You pay tax on your total annual income from all sources, including:

  • Your State Pension
  • Your workplace pension
  • Any earnings, for example if you are still working
  • Other pensions you are getting
  • Rental income

This may mean if your total annual income increases – for example when your State Pension or workplace pension increases – then HMRC may change your tax code. This could mean you pay more tax, so your ‘tax home pay’ is reduced. 

If your tax code changes, HMRC will usually contact you. You can see your current tax code on your P60. A copy is available in your myFund account.

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

 

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.

Changes to your bank details

Changed your bank or building society?

Make sure you update your details at least 10 days before your pension is due to be paid.

You can log in to your myFund account to update your bank details or find more information on the updating my bank details page.