Annual increase in the Consumer price index (inflation protection)

Every January, beginning with the year after you retire, your pension will be automatically adjusted to reflect some or all of the increase in the Consumer Price Index (CPI) up to a maximum increase of 8%.

• If the increase in the CPI is less than 2%, the adjustment will be equal to the percentage increase in the CPI.
• If it is between 2% and 3%, you will receive a 2% increase.
• If the increase in the CPI, is greater than 3%, your pension increase will be 1% less than the CPI.

Any portion of the increase in the CPI not granted will be automatically given if the performance of the Pension Fund exceeds specified criteria. It may also be awarded on an ad hoc basis by the Board of Governors, depending on the status of the Pension Fund.

Any increase in the CPI above 8% will be applied to the pension in a later year when the adjustment is less than 8%. The increase in your pension on the first of January after you retire will be based on the number of complete months remaining in the calendar year after your retirement.