Annual pension increase

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Your railways pension is reviewed each year, in accordance with the Scheme rules, and this usually leads to an increase in line with orders set by the government.
In recent years, this increase has been in line with the Consumer Prices Index (CPI) figure for the previous September.
If you are a man aged over 65 or a woman over the age of 60, a different level of pension increase may apply for the part (if any) of your pension which is referred to as Guaranteed Minimum Pension.
Details about the annual increase are published in the spring issue of Penfriend and any increase is usually effective from the first Monday after the start of the new tax year, in April.       

2017 railways pension increase

As the CPI figure for September 2016 was 1%, your railways pension will increase by 1% from 10 April 2017.
You will receive a letter confirming your pension amount with your spring issue of Penfriend. This will be sent to you between mid-April and mid-May.   

Changes to your bank details

The payroll is processed approximately two weeks before the payment date. So, if you change your bank or building society account, you must tell pensions administrator RPMI about your new account details at least two weeks before your pension is due.

If you can’t give two weeks' notice, it’s advisable to keep your old bank account open to avoid any delay in your pension reaching you.
Email or telephone 0800 2 343434 to tell RPMI about changes to your account details. Please quote your Pension Reference Number.