Up-rating Private Occupational Pensions (Move to CPI)

Tuesday 12th July 2011 Written Statements

[The Minister of State, Department for Work and Pensions (Steve Webb)]

Today, the Government will publish an updated impact assessment for the move to using the Consumer Prices Index (CPI) as the basis for the statutory minimum up-rating of occupational pensions.

This edition of the impact assessment takes account of research into private pension schemes rules and the likely reaction of employers to the decision to use the CPI published on 16 June 2011, and the latest Office of Budget Responsibility estimates of RPI and CPI inflation rates. It also includes the impact of proposed amendments to the Pensions Bill, which were tabled on the 7 July.

A copy of the updated impact assessment will be placed in the Libraries of both Houses, and will be available on the Department’s website at: http://www.dwp.gov.uk/consultations/2010/cpi-private-pens-consultation.shtml