Pension Increase Exchange (PIE)

For members retiring after 5 April 2019 there is a new 'at retirement' option - Pension Increase Exchange (PIE).

PIE is a one-off option for you to exchange some of your future pension increases for a higher initial annual pension with reduced pension increases in future.

From April 2019, the Scheme administrator, XPS Administration will be issuing PIE illustrations to members with confirmed leaving dates.  These illustrations will include a PIE Guide explaining how PIE works.

With effect from 1 November 2019 members without confirmed leaving dates will be able to request one PIE illustration per year.  The assumed leaving date must be within 12 months of the date of request.

There may be a small number of members who are not able to receive a PIE offer initially whilst the Scheme is waiting for confirmation of certain Guaranteed Minimum Pension (GMP) data from HMRC.  Members will be advised if this applies to them.