Platinum Pension 2003 increases are effective from 1 April each year (i.e. the 2011 increases are effective from 1 April 2011 to 31 March 2012).
Platinum Pension 2003 was launched in April 2003, when the Platinum Pension annuity portfolio was closed to new business. The investments for Platinum Pension 2003 are kept separate to that of Platinum Pension to avoid cross-subsidisation.
Assets are managed in a designated pensioner portfolio. The assets underlying Platinum Pension 2003 are split into three asset pools, each with its own asset mix. The increases are based on returns earned during the previous year to December.
Each asset pool accommodates a certain combination of ARI categories: categories A&B are grouped together, categories C&D are grouped together, and the assets underlying the A+ category are grouped together. Categories C and D are no longer open to new business.
Blank entries in the table above imply that no pensioner assets were invested in the relevant ARI category at that time, and therefore no increase was applicable.
| |
A+ |
A |
B |
C |
D |
| ARI* |
1.50% |
2.50% |
3.00% |
3.50% |
4.00% |
4.50% |
5.00% |
| 2011 |
4.00% |
3.50% |
3.00% |
3.00% |
2.50% |
2.50% |
2.00% |
| 2010 |
3.50% |
3.00% |
2.50% |
2.50% |
2.00% |
2.00% |
1.50% |
| 2009 |
3.50% |
3.00% |
2.50% |
2.50% |
2.00% |
2.00% |
1.50% |
| 2008 |
|
|
9.00% |
8.50% |
8.00% |
6.50% |
6.00% |
| 2007 |
|
|
|
9.00% |
8.50% |
7.00% |
6.50% |
| 2006 |
|
|
|
9.00% |
8.50% |
8.00% |
7.50% |
| 2005 |
|
|
|
5.50% |
5.00% |
4.50% |
4.00% |
| 2004 |
|
|
|
3.00% |
2.50% |
2.00% |
1.50% |
*ARI - After Retirement Interest Rate.
| |
A+ |
A+ |
A+ |
A |
B |
C |
D |
| 3 Year Average Increase |
3.7% |
3.2% |
2.7% |
2.7% |
2.2% |
2.2% |
1.7% |
| 3 Year Average CPI |
6.4% |
6.4% |
6.4% |
6.4% |
6.4% |
6.4% |
6.4% |
| 5 Year Average Increase |
|
|
|
5.1% |
4.6% |
4.0% |
3.5% |
| 5 Year Average CPI |
6.8% |
6.8% |
6.8% |
6.8% |
6.8% |
6.8% |
6.8% |
*CPI - Consumer Price Inflation.
The CPI figures shown refer to the Five and Seven year average year-on-year CPI, calculated at 31 December 2010.
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