Late election date could cost pensioners £600m - study

If Gordon Brown goes to the country on 1 April or before, the Basic State Pension would have to start rising with earnings by April 2014 at the latest. But with a widely-expected later election date, such as 6 May, under the Pensions Act 2007 the first earnings-based increase will not be required until a little over five years after polling day, at the start of the tax year in April 2015. Putting back its introduction from April 2014 to April 2015 could save around £600m in 2014/15, depending on the difference between earnings growth and price inflation at the time, according to cons...