Royal mail pension increase 2023/24

According to the Royal Mail's latest pension scheme updates, the pension increase for 2023/24 is as follows:

• The Retail Prices Index (RPI) measure of inflation, which is used to calculate the pension increase, was 11.1% for the 12 months to September 2022.
• As a result, the pension increase for 2023/24 is 11.1%.
• This means that the annual pension payments for Royal Mail pension scheme members will increase by 11.1% from April 2023.

Here's a breakdown of the pension increase for different types of Royal Mail pension schemes:

• The Royal Mail Group Pension Scheme (RMPG): The pension increase will be 11.1% for members of this scheme.
• The Royal Mail Pension Scheme (RMPS): The pension increase will be 11.1% for members of this scheme.
• The Royal Mail Contributory Pension Scheme (RMCPS): The pension increase will be 11.1% for members of this scheme.

It's worth noting that the pension increase is based on the RPI measure of inflation, which is a lagging indicator of inflation. This means that the actual cost of living may be higher than the RPI measure, and pensioners may still experience a decline in their purchasing power.

It's also important to note that the pension increase is subject to change and may be affected by various factors, including changes to the pension scheme rules or government policies.