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Private Pension
8 Answers
I've just had a letter informing me that future rises in my works pension will be determined by the CPI and not the RPI as in the past.
The letter states this is because of changes by the government, and my pension provider has to follow the government guidelines on this.
However one of the papers was saying that pension providers could change existing arrangements or keep to the RPI............who is telling the truth?
The letter states this is because of changes by the government, and my pension provider has to follow the government guidelines on this.
However one of the papers was saying that pension providers could change existing arrangements or keep to the RPI............who is telling the truth?
Answers
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Now I'm getting confused, Craft!
The first time I read through that stuff I read it one way, but on re-reading it I've interpreted it differently!
Having studied it further, it seems that if the RPI is 'hard-wired' into your existing agreement, HM Government had previously indicated that it would introduce legislation enabling pension providers to switch to using the CPI. But that page, dated only five days ago (and referring to an announcement in the House of Commons 'today') states that the decision has now been taken not to introduce such legislation. So (unless the terms of existing pension agreements allow otherwise) pension providers must continue to operate under their contractual agreement to use the RPI.
Chris
The first time I read through that stuff I read it one way, but on re-reading it I've interpreted it differently!
Having studied it further, it seems that if the RPI is 'hard-wired' into your existing agreement, HM Government had previously indicated that it would introduce legislation enabling pension providers to switch to using the CPI. But that page, dated only five days ago (and referring to an announcement in the House of Commons 'today') states that the decision has now been taken not to introduce such legislation. So (unless the terms of existing pension agreements allow otherwise) pension providers must continue to operate under their contractual agreement to use the RPI.
Chris
You could try writing to your pension trustees asking to be shown where in the Penion Fund Trust Deed it gives permission for the annual increase to be determined by some other factor that that shown in the Trust Deed.
Also ask whether the Trust Deed provides for any consultation with existing members and retired members before any changes can be made.
If you are in touch with any other members of your scheme, get them also to write to the Trustees. You should receive an annual Trustees Report every year. Most people check them away but if you've kept the last one, the names of the Trustees should be shown on the report.
Also ask whether the Trust Deed provides for any consultation with existing members and retired members before any changes can be made.
If you are in touch with any other members of your scheme, get them also to write to the Trustees. You should receive an annual Trustees Report every year. Most people check them away but if you've kept the last one, the names of the Trustees should be shown on the report.
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