Your pension increase letter is on its way

18 April 2023

You will shortly receive your pension increase letters and P60 advice.

If you’re paid monthly this will be in late April or if you’re paid quarterly this will be in May.

How much will I get?

Section A/B members - the basic rate of increase to your pension is 10.1% for the year

Section C members - the basic rate of increase to your pension is 5% for the year. Pension increases are applied using different rules and, to help you understand, please see the sections below. If you retired part way through the year, or if your pension has a Guaranteed Minimum Pension (GMP) element, you will only receive part of the full increase. If your pension started being paid after 27 March 2022, or you are under 55 years of age, you will not be eligible for an increase.

GMP - This is the portion of your benefits that the RMSPS must pay because you were contracted out of the Additional State Pension (ASP - also known as the second state pension or SERPS) between 1978 and 1997. While you were contracted out, you did not build up ASP and instead the RMSPS agreed to pay you a guaranteed minimum level of benefits.

Pre-88 GMP - This is the GMP you built up before 1988. We do not increase your pre-88 GMP if you reached State Pension Age before 6 April 2016. Click here for more details

Post-88 GMP - This is the GMP you built up after 1988. This year your post-88 GMP will increase by 3%. For more information about how your post-88 GMP increases click here.

P60 – what is it, and why do I need it?
By law, we must send you a P60. This is your Tax Certificate and is issued at the end of the financial year.

You’ll need your P60 if you need to:

  • claim back overpaid tax
  • apply for tax credits
  • prove your income if you apply for a loan or a mortgage

If you think your P60 is wrong, please contact HMRC.

HM Revenue & Customs,
Pay As You Earn,
PO Box 1970,
L75 1WX

Telephone 0845 300 0627
Opening hours Monday to Friday: 8am – 8pm
Saturday: 8am – 4pm
The text phone for those with hearing or speech impairment is 0845 302 1408.

You can find out more information about your P60 and your payslip in our Frequently Asked Questions (FAQs).
If you still have questions after reading the FAQs, please contact us.