BA Pensions have announced today that the scheme rises for APS will be 12.6% and for NAPS it will be 5%.
News articles are published on the APS and NAPS websites. The articles confirm that the increases that will be applied to pensions from 10th April 2023.
APS article: https://www.mybapension.com/aps/news/read/15/the-total-2023-pension-increase
NAPS article: https://www.mybapension.com/naps/news/read/16/the-2023-pension-increase-is
Some elements of people’s personal pension may receive different levels of increase and different rules apply in respect of any Guaranteed Minimum Pension (GMP, see links below) included in APS & NAPS pensions.
BA Pensions are now beginning the annual pension increase programme which usually takes 2-3 weeks to complete all the tasks involved in increasing everyone’s pensions, getting the statements set up online and proofread etc. The expectation is that online pension increase statements to be available around the 21th or 24th April. An email will be sent to all members registered for online communications and paper copies posted on 24th April to those members who have registered for paper statements.
(ABAP encourages members to register for online communications with BA Pensions if at all possible)
Pension P60 certificates will be online for all pensioners by 31st March, with an email alert to online members. For members who receive a paper pension increase statement, a paper P60 certificate will be included with that letter.
For more information on GMP, please refer to: