Pensions paid to retired members of the NGUKPS are reviewed in April each year and increased in line with the percentage increase in the Retail Prices Index (RPI) for the 12 months up to the previous September.
This year, the main annual pensions increase will be 4.9%. This will be applied with effect from Monday 11 April 2022.
If you’re a man under age 65, or a woman under age 60 at the increase date, your whole pension will be increased by this amount, and you will receive details in your April payslip.
However, if you’re a man over age 65, or a woman over age 60, your National Grid pension is likely to include what’s known as a Guaranteed Minimum Pension or GMP.
Different increases apply to the GMP part of your pension and depending on when you reached or will reach State Pension Age, some increases to your Scheme pension may be paid by the State.