Retirees on the state pension would be getting nearly £800 less in their pay packets each year if the benefit had risen in line with September’s inflation figure every year since its introduction 🔴 Exclusive from CallumCMason
would be getting nearly £800 less in their pay packets each year if the benefit had risen in line with September’s inflation figure every year since its introduction.unveiled by the coalition government in 2010, which ensures that it rises in line with the highest of average earnings, the previous September’s inflation figure or 2.5 per cent each year.
The new state pension, introduced in 2016, pays £203.85, but this would be just £192.25 per week if only September’s inflation figure had been used. Tom Selby, head of retirement policy at AJ Bell, said the policy was “without a clear goal” as things stand, and “leaves the Government exposed to spikes in inflation or earnings.”
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