OUR PENSIONS COULD HAVE BEEN BETTER From the outset we campaigned for some of the surplus to be used to improve our pensions, though we obviously did not press this point when the fund started to show a deficit. However, once the fund is in a more healthy position, we will continue to campaign for better increases which reflect the inflation that pensioners are experiencing. This is perfectly feasible. In periods of low inflation, Inland Revenue rules allow companies to increase pensions by the retail price index or 3% whichever is the greater. Since 2000 there have been five occasions when our annual pension increase - based on the RPI - was under 3% yet there was provision for the company to have been more generous if it had wished.