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New index for average earnings

News and announcements

From September 2010, if you've chosen for your pension contributions to rise in line with national average earnings, we'll change the way we work out how much they'll increase by each year.

We're making this change because the index used to measure pay in Great Britain is changing from the Average Earnings Index (AEI) to Average Weekly Earnings (AWE), which the government believes is a more accurate indicator of average earnings.

How will this affect you?

You don't need to do anything. We'll still write to tell you how much your pension contributions will increase by each year, and you'll still have the option to accept this or increase them by a different amount.

How can you find out more?

Please speak to a financial adviser if you have any questions about the change. You can also find out more about how growth in pay is measured by visiting the Office for National Statistics website