Webb: No override powers for pension CPI switch

In a speech to the House of Commons today, Webb announced an industry-wide consultation on the RPI to CPI switch. But, contrary to industry expectations, he said schemes whose rules specifically state RPI indexation would not be granted the power to override them and move to potentially cheaper CPI indexation. Webb also proposed the government would legislate to ensure schemes that choose to stay with RPI do not have to pay CPI in the years it is greater. He said schemes should consult with members about plans to change revaluation rules when they have the power to do so. Webb s...