Jurisdiction(s):
United Kingdom

Early leavers: revaluation of deferred benefits in occupational pension schemes—statutory requirements, CPI caps, GMP revaluation methods, and communications checklist

Published by a LexisNexis Pensions expert

Checklists

Practical points when applying revaluation

Employers and trustees should ensure all member communications on benefit revaluation align with the position set out in the scheme rules.
Member communications on revaluation should make clear they are subject to the scheme rules and that, if there is any inconsistency, the rules will take precedence.
Practitioners should take care not to confuse increases applied to deferred benefits (revaluation) with rises applied to pensions in payment (indexation) under the scheme rules.

Statutory requirement to revalue benefits

Legislation requires pension schemes to revalue the deferred benefits of early leavers over the deferment period to at least a minimum level when those benefits are drawn.
Occupational pension schemes must revalue a member’s benefits (excluding Guaranteed Minimum Pensions (GMPs)), where:
- the member’s pensionable service ends on or after

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Web page updated on 01/06/2026

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