(LPI) is a pricing index used to calculate increases in components of scheme pension payments in the UK. Currently, the statutory requirement for occupational pension schemes is that pensions in payment must be increased by the lower of RPI and 2.5% . Usually the lesser of the annual increase in the Retail Prices Index(or Consumer Prices Index) and 5%, although the percentage limit can vary. From April 2011, the index used for LPI will be switched from RPI to CPI(Consumer Price Index). The announcement makes it clear that:
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| - Limited Price Indexation (en)
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| - (LPI) is a pricing index used to calculate increases in components of scheme pension payments in the UK. Currently, the statutory requirement for occupational pension schemes is that pensions in payment must be increased by the lower of RPI and 2.5% . Usually the lesser of the annual increase in the Retail Prices Index(or Consumer Prices Index) and 5%, although the percentage limit can vary. From April 2011, the index used for LPI will be switched from RPI to CPI(Consumer Price Index). The announcement makes it clear that: (en)
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| - (LPI) is a pricing index used to calculate increases in components of scheme pension payments in the UK. Currently, the statutory requirement for occupational pension schemes is that pensions in payment must be increased by the lower of RPI and 2.5% . Usually the lesser of the annual increase in the Retail Prices Index(or Consumer Prices Index) and 5%, although the percentage limit can vary. From April 2011, the index used for LPI will be switched from RPI to CPI(Consumer Price Index). The announcement makes it clear that:
* this statutory requirement will apply to all rights a member has already accrued – not just future service rights
* if a pension is already in payment, a member will remain entitled to the increases already granted but future increases on the whole pension may be based on CPI not RPI; and
* schemes can provide greater increases if they wish. The rate of revaluation for pensions in deferment will also change in a similar way (again, with revaluation already granted on an RPI basis being protected) (en)
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