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Scheme pension increases

All Xerox Final Salary Pension Scheme pensions in payment are increased each year to help offset increases in the cost of living.

The annual pension increases apply not only to pensions which start to be paid at Normal Benefit Age, but also to early retirement pensions and all widows', widowers’, civil partners’ and other dependants' pensions from the Xerox Final Salary Pension Scheme.
  • Pensions earned for Pensionable Service on or after 1st April 2006 are guaranteed to be increased each year in line with the increase in the Retail Prices Index (RPI), up to a maximum of 2.5% a year.
  • Pensions earned for Pensionable Service before 1st April 2006 are guaranteed to be increased each year in line with the increase in the RPI, up to a maximum of 5% a year.

Increases are awarded from 1st April each year.

As defined in the Trust Deed & Rules, the RPI increase on which this annual increase in Scheme pensions is based is the percentage increase in the "All Items" measure of the Government’s Retail Prices Index over the period between the month of December before the 1st April on which the increase is paid and the previous month of December.

Different increases will normally apply to your Guaranteed Minimum Pension.

During the first year in which your Xerox Final Salary Pension Scheme pension starts to be paid, you will receive a proportion of the full annual increase, based on the number of complete months between the date your pension starts and the following 1st April.

For more information about how your Xerox pension is increased, please read the Pensions increases factsheet.


AVC pension increases
If you have paid AVCs and use your AVC fund to purchase a pension from the Xerox Final Salary Pension Scheme, this pension is guaranteed to be increased each year in the same way as other Xerox pensions in payment, as described above.