As a result, there will be no increase to Fund pensions in April 2010. This will obviously be a disappointment to pensioners, however it should be noted that as RPI is negative, the fact that pensions remain unchanged is an increase relative to RPI.

Pensioners in receipt of a post 1988 GMP element of their pension will be aware that this part of the pension is increased by the State and paid along with the State pension. The Increase Order has not yet been published; however, our expectation is that there will be no increase to this element of pension.