15 December 2025
Following our update about the £2.3bn investment reserve being transferred to members, we are delighted to confirm your new bonus pension will be added to your monthly payment from 23 December 2025.
Your new bonus pension is equal to 41% of your guaranteed pension, as at 1 November 2024. Like your existing bonuses, this new bonus pension is fixed and won’t change in future.
We’re backdating your new bonus pension to 1 November 2024. This means you'll also receive a one-off lump sum on 23 December covering the backdated period.
What happens next
If you're already receiving your pension, we'll write to you shortly with details of your pension increase and lump sum amount. If you're not yet drawing your pension, you'll receive a benefit statement in 2026 with details of your new bonus pension.