Proposals on changes to the calculation of the retail prices index (RPI) may harm pension funds, savers and investors, experts have claimed.
The independent Office for National Statistics (ONS) has opened a consultation on changes that would make the RPI move more slowly, in step with the consumer prices index (CPI).
It said it wants to establish if a change needs to be made.
But pension experts have warned that any changes would cut pensioners' incomes.
Darren Philp, of the National Association of Pension Funds (NAPF), said: "Pension funds are major investors in government debt and changes to index-linked bonds could have far-reaching impacts on those investments.
"It could also alter the amount by which pensions being paid to former workers are increased each year."
RPI changes would affect the value of inflation linked savings certificates and gilts.
The RPI usually rises faster than the CPI, with an average gap of 0.9 percentage points each year since CPI was first used in 1996.
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