Former civil servants, teachers and NHS staff are expected to get a 10pc increase in payments from their final salary schemes, equal to an average £1,000 a year. This will be paid in addition to a £1,000 increase in the state pension.
It comes after the Government pleaded for working people to accept a real terms pay cut to prevent price rises from spiralling out of control.
Ministers earlier this week confirmed the return of the “triple lock” for state pensions, meaning they will increase by September’s inflation figure, which the Bank of England expects to be around 10pc.
The Government is legally required to increase public sector pensions by the same amount as benefits.
Because they’re also just changed the calculation for RPI on inflation protected bonds. You know, the way that private sector pensions try to beat inflation.
Hmm? Yes of course the calculation change screws creditors, you’d not expect anything else now, would you?