I am due to retire before the backdated LU pay award is paid, will my pension be increased to take this into account?

If you are entitled to a consolidated pay award and have already put your pension into payment before the pay award is paid, we will adjust your pension to take into account the backdated pay award, however there will be no change to the tax free cash sum available.

If you put your pension into payment after the consolidated pay award is paid we will recalculate the pension and tax free cash options to take account of the pay award.