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Tom Birkin, Actuarial Consultant at XPS Pensions Group, on the impact of record inflation on pensions. |
“The latest record high CPI announcement from the ONS this morning will hit the pockets of UK pensioners hard. In addition, the UK state pension will increase by just 3.1% in April, less than half of the 7% increase in inflation over the year to March, and well under the 8% that pensioners would have received under the recently suspended triple lock commitment. As energy prices keep soaring and the cost-of-living increases, UK pensioners will continue to be squeezed even further.”
“Analysis from XPS Pensions’ DB:UK Funding Watch has found that the 0.5% increase in long-term inflation expectations since July 2021 has added £140bn to UK DB scheme liabilities. While this shows that most workplace pensions have some inflation protection in place, annual increases tend to be capped at 5% or lower. So, even though there is some degree of protection for UK pensioners, it will have a limited impact in a high inflation environment that is only expected to get worse before it gets better.” |
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