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In April 2002 SERPS accrual ended and was replaced by the State Second Pension. The main reason for the change was to provide a larger pension to people of low earnings. From April 2016 the old Basic State Pension plus Additional State Pension (SERPS, State Second Pension and Graduated Retirement Benefit) were replaced by the New State Pension.
The complexity arises because different increases are applied to the various elements of the pension. Supposing the scheme rules allow for annual increases of 3% and the Retail Prices Index increases by 4.5%. The scheme would pay an additional £11.70 in respect of the excess pension (3% of £390), but nothing on the pre 1988 GMP.
Food price inflation is also measured, and saw a slight increase from 1.9 per cent to 2 per cent in November. This marks a slow creep back up from earlier in the year, with food price inflation ...
Earnings in the lowest band are treated as though they were actually at the threshold of the next band. Thus, under SERPS, earnings of £10,000 a year would produce a pension of just £939 a year - 20 per cent of (£10,000 - £5,304) – whereas under S2P the same earnings would lead to a pension of £3,638 a year – 40 per cent of (£14,400 - £5,304) – nearly four times as much.
Inflation lifted to its highest level since April last month, according to official data.
The fall to 10.5% last month shows further steady easing back from the painful 41-year high of 11.1% recorded in October last year.
Although the inflation rate dipped for a seventh straight month year-over-year in January, the consumer price index increased significantly, 0.5%, from December to January. With inflation not ...
Inflation in New Zealand exceeded forecasts in July 2022, reaching 7.3%, which is the highest since 1990. [233] Economists at ANZ reportedly said they expected faster interest rate increases to counteract inflationary pressures. [234] In Fiji, inflation rose to 4.7% in April 2022 compared to –2.4% in 2021. [235]