Pension increase changes on the horizon
The Government has announced plans to make a change to the Retail Prices Index (RPI) from 2030 and is currently consulting on moving this change forward to 2025. The change could mean that RPI is aligned with another index called Consumer Prices Index including Housing (CPIH).
This may have an impact on the increases that the Scheme pays to some pensions in payment, as some of the annual increases are linked to changes to the RPI. If RPI is aligned to CPIH, the increase to some members’ pensions in payment may be lower. We will keep you up to date with these changes if and when they are introduced.