Lords approve RPI/CPI indexation switch

The Social Security Benefits (Up-rating) Order was agreed in the Lords, in advance of today's Pensions Bill debate. It concerns the switch from RPI to CPI index linking for state pensions and state second pensions, which was passed by the House of Commons in February. The Lords confirmed the order would not override scheme rules where RPI was ‘hard-wired', and Labour peer Lord McKenzie stressed the need to maintain the index for accrued benefits. "It is also very important that pensioners with accrued benefits under RPI should have those benefits maintained and that, if the choice ...