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ARTICLE · 30 MARCH 2020

RPI Or CPI - Beyond Pension Increases

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Since 2010, the question of which inflation index (Retail Price Index (RPI) or Consumer Price Index (CPI)) should be used for pension increases has caused a huge amount of uncertainty for pension schemes.

United KingdomEmployment and HR
Christopher Stiles
Christopher Stiles
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Since 2010, the question of which inflation index (Retail Price Index (RPI) or Consumer Price Index (CPI)) should be used for pension increases (in payment and deferment) has caused a huge amount of uncertainty for pension schemes. The Government now intends to bring the two indices together, by aligning RPI with CPIH (a variant on CPI which includes owner-occupier housing costs). However, this will create further questions for trustees and employers.

The question of whether to use RPI, CPI or CPIH as the measure of inflation may seem like a technical detail, as indeed it is. However, the impact can be very material. The Government's proposals represent both a threat and an opportunity, depending on your circumstances.

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