If you are a pensioner who commenced your pension benefits after 8 April 2019, then due to the current pensions increase factors not being available when your lump sum was calculated, you may have been due a further lump sum payment as a result of pensions increase. Dependent on eligibility, these payments have now been made along with pension payments with a payment date of 31 July 2020. Your annual pension entitlement is not affected as your annual pension increase was applied from 6 April 2020.
Written notification of the additional payment and the effect this will have on your lifetime allowance limit (used within the NHS or Teachers pension scheme) will be sent out soon. If this affects you, please contact us if you have any questions.