Your railways 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 2020/21 tax year, your railway pension will increase by up to 1.7% from 6 April 2020.
You will be sent a payslip showing your revised pension (if you are eligible for an increase) in line with your first pension payment due after 6 April 2020.
The payroll is processed a week before the payment date. If you change your bank or building society account, you must tell pensions administrator RPMI 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 myRPS account (or register for one) to tell RPMI about changes to your account details. Alternatively, email the Helpline on firstname.lastname@example.org or telephone 0800 012 1117. Please quote your Pension Reference Number.
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