Pension increases: annual rate and lump sums3
1
This article applies to an official pension if—
a
a qualifying condition is satisfied; or
b
the pension is—
i
a derivative pension,
ii
a substituted pension or,
iii
a relevant injury pension.
2
In relation to any period on or after 10th April 2017, the pension authority may increase the annual rate7 of the pension—
a
for a pension which began before 11th April 2016, by 1 per cent;
b
for a pension which began on or after 11th April 2016, by 1 per cent multiplied by—
where A is the number of complete months in the period between the beginning date of the pension and 10th April 2017.
3
In relation to a lump sum which is payable on or after 11th April 2016 but before 10th April 2017, the pension authority may increase the lump sum by 1.0 per cent multiplied by—
where A is the number of complete months in the period between the beginning date for the lump sum (or, if later, 11th April 2016) and the date on which it became payable.