CPI

The Barnardo's pension scheme has been denied permission to switch the inflationary index it uses for uprating pension benefits in a unanimous judgment from the Supreme Court.

The government will gradually adopt a version of the Consumer Prices Index (CPI) which incorporates housing costs for pension funds and index-linked gilts, it confirmed today.

The lifetime allowance will rise to £1,054,800 from April next year as the Office for National Statistics (ONS) recorded inflation at 2.4% in the year to September.

UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.

Chancellor Philip Hammond has said he would be happy to hear about reforming the retail prices index (RPI) as long as the Office of National Statistics (ONS) initiates discussions.

UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.

The retail prices index (RPI) should be reformed within the next decade but the full ramifications must be properly considered, according to the UK's statistics chief.

Sterling has fallen on the back of inflation figures released this morning, which show the UK Consumer Price Index (CPI) remained steady at 2.4% in June.

Research suggests the industry believes schemes have been unintentionally locked into using the higher inflation measure but many remain unsure about an override. Victoria Ticha takes a closer look

UK inflation stuck at 2.4% in May, missing analysts' estimates of a move higher and further cooling expectations on an interest rate hike from the Bank of England this summer.