The September 2020 CPI figure was 0.5% so this is likely to form the basis of the Government’s Pension Increase Review Order (PIRO), to be confirmed later this month (March 2021).
For APS, the standard Scheme increase in April 2021 is expected to be 0.5% for eligible pensions with an additional 0.6% discretionary increase agreed by the APS Trustee as per the 2019 Discretionary Increase Settlement. This represents the full gap between CPI (0.5%) and RPI (1.1%) to September 2020.
For NAPS, the rises are pegged to CPI so the standard Scheme increase for April 2021 is expected to be 0.5%.
These increases apply to pension elements that normally receive PIRO increases. We are informed that increases are due to be applied from 12 April this year. BA Pensions will provide online P60 certificates for all pensioners by 31st March, with pension increase statements following around 23rd April. Members registered for paper communications will receive their P60 certificates together with their pension increase statements, as usual.