宣伝

Eurozone インフレーション rose to higher-than-推定する／予想するd 2.6% last month, によれば公式の／役人人物／姿／数字s
The 消費者支持する／優勝者's guide to getting what you want: This is Money podcast
税金-解放する／自由な貯金殺到! Britons piled ￡11.7bn into cash Isas in April - the biggest month for 税金-解放する／自由な accounts in 25 years
Which cars do owners keep for the shortest 量 of time? Why Teslas are 溝へはまらせる／不時着するd quickest...
Can I 支払う／賃金 money into two cash Isas now because of the new 支配するs? I'm 混乱させるd by how it 作品
Five things you must do to 保護する your money if your phone gets stolen this summer
First-time 買い手s' guide to getting on the 所有物／資産／財産 ladder: From what you can afford to getting the 重要なs
VW Passat is 50 Not Out, says RAY MASSEY: But new 見解／翻訳／版 comes only as a five-seater 広い地所
MARKET REPORT: 貿易（する）ing 堅い at JD Sports, によれば the retailer, as 顧客s appear いっそう少なく keen to spend big
Don't trash energy 安全, says ALEX BRUMMER: 運動ing North Sea drillers and engineers out of 未来化石燃料s in Britain should not be an 選択
政府 sells ￡1.24bn in NatWest 株 and 削減（する）s 火刑／賭ける to 22.5% にもかかわらず恐れるs 選挙 has derailed sell-off
Soho House 拒絶するs 引き継ぎ／買収企て，努力，提案 that would have seen it leave New York 株式市場
Donald Trump loses more than ￡400m as 株 in his social マスコミ company 落ちる in the wake of his 犯罪の有罪の判決
全国的な's ￡2.9bn Virgin 引き継ぎ／買収調査（する）d by 競争監視者 after members were 辞退するd a 投票（する）
Could you be a 数字表示式の nomad? Working from anywhere is the 未来 for entrepreneurs - here's how to do it
How to buy 広大な／多数の／重要な British 株 - at a 割引: 基金 guru Nick Train is 支援 unloved UK 会社／堅いs
INVESTING EXPLAINED: What you need to know about the carry 貿易（する）, which 目的（とする）s to 偉業／利用する the differentials between 利益／興味率s of two nations
SHARE OF THE WEEK: 上げる for British American タバコ as 政府's 提案するd 法律 to 禁止（する） smoking fails to make 法令調書をとる／予約するs
How to 予算 and manage your money better: The simple 支配する-of-thumb to follow... and some tips for success
We can get 税金 office call waiting times 負かす／撃墜する to FIVE minutes… but chatbots are 必須の, says new HMRC 請負業者
CRANE ON THE CASE: My father-in-法律, 85, with dementia had ￡5,523 stolen but HSBC 主張するs he went on a jewellery spending spree
Buying a home for just ￡175k could get you 市民権 in the Caribbean: How it 作品 and dream island 退却／保養地s
House prices 立ち往生させる as number of 所有物／資産／財産s on the market 攻撃する，衝突するs eight-year high, says Zoopla
House prices rose in May, says 全国的な as 行う growth and 落ちるing インフレーション供給する買い手上げる

Why does the 年金保護基金 only give pensioners a 2.5% raise? Steve Webb replies

Updated: 06:00 BST, 29 January 2024

e-mail

Why only a 2.5% raise? l'm sure everyone could do with a bigger 増加する

As a （弁護士の）依頼人 of the 年金保護基金 I have a comment to make about their generosity (or さもなければ).

I know they do a good 職業; I paid into a company 計画／陰謀 for 20 years before it was frozen and 10 years later the company went into 行政 (voluntary I think) when I still had three years left before I could draw the 明言する／公表する年金.

Now that I am receiving my 年金 through the PPF only about half of it is 索引d for インフレーション because of the change in 支配するs in 1997.

ln a 最近の letter they said that although they have billions of 続けざまに猛撃するs of 資産s they have decided not to 増加する the indexable part of the 年金 by more than the 2.5 per cent 要求するd by the 支配するs.

To me this seems rather 不公平な. l'm sure everyone could do with a bigger 増加する because it is 現実に減少（する）ing in rea l 条件.

SCROLL DOWN TO FIND OUT HOW TO ASK STEVE YOUR PENSION QUESTION

Steve Webb replies: The 最近の殺到する in インフレーション has understandably led to a 新たにするd 焦点（を合わせる） on the 支配するs which 治める／統治する how much our 年金s go up by each year.

When インフレーション is low, people may manage even if their 年金 goes up by a lower 人物／姿／数字, but when we see 二塁打-digit インフレーション this can really dig into our 基準 of living.

As you know, the 年金保護基金供給するs a 手段 of 保護 to those who were in company 年金計画／陰謀s where the sponsoring 雇用者 who stood behind their 計画／陰謀 went 破産した／（警察が）手入れする.

Got a question for Steve Webb? Scroll 負かす／撃墜する to find out how to 接触する him

There are さまざまな尊敬（する）・点s in which the 補償（金）供給するd by the PPF may 落ちる short of the actual 年金 you would have received had your 計画／陰謀 continued.

The most obvious of these is that people who were under 年金 age when the 雇用者 went 破産した／（警察が）手入れする will have 補償（金） based on 90 per cent of their 年金 rather than 100 per cent for those who were over 年金 age.

But a いっそう少なく obvious 制限 on PPF 補償（金） is the fact that 年次の増加するs in 尊敬（する）・点 of インフレーション are 限られた／立憲的な and may be いっそう少なく generous than the 増加するs you would have received if your 計画／陰謀 had continued.

For example, インフレーション増加するs paid by the PPF use the 消費者 Prices 索引 (消費者物価指数) as the 手段 of インフレーション反して many company 年金計画／陰謀s 支払う／賃金増加するs based on the (usually higher) 小売 Prices 索引 (RPI).

In 新規加入 to this, as you say, for 年金s in 支払い（額）, service in a 年金計画／陰謀 before 1997 attracts no インフレーション保護 at all, whilst 地位，任命する 1997 service gets indexation only up to a cap of 2.5 per cent.

This is an important 制限, and the PPF website 示すs that in 10 of the last 18 years that 2.5 per cent cap has been 適用するd:?年金保護基金 - Will my 年金増加する??

The 問題／発行する of PPF 増加するs often 落ちるing below インフレーション is one that has been rumbling on for a long time. Indeed, I wrote a column about this very 問題／発行する more than three years ago: Why don't PPF 支払い（額）s ever rise with インフレーション?

However, there are two 推論する／理由s why the political 気温 on this 問題／発行する has been turned up recently.

The first, as 公式文書，認めるd earlier, is that a 長引かせるd period of high インフレーション has made these 限られた／立憲的な年次の増加するs much more painful.

The second is 現実に a byproduct of the PPF’s success.

STEVE WEBB ANSWERS YOUR PENSION QUESTIONS

? ? ? ?

The 財政上の position of the PPF has 改善するd markedly in 最近の years. In part this 反映するs things like the 増加する in 利益／興味率s which has 改善するd the 財政上の position of company 年金計画／陰謀s and of the PPF.

But the PPF has also 達成するd good 投資 returns (その為に上げるing the 資産s of the PPF) and has seen lower than 推定する／予想するd （人命などを）奪う，主張するs (その為に減ずるing the 推定する／予想するd 支出s).

Although the PPF does not like to talk about having a ‘黒字／過剰’, its 最新の年次の報告（する）／憶測 shows that PPF has ‘reserves’ of just over ￡12billion: 年金保護基金年次の報告（する）／憶測 and accounts 2022/23.

This could be thought of as a ‘衝撃を和らげるもの’ over and above the money that PPF 推定する／予想するs to have to spend 会合 the 義務／負債s which it has taken on to date and will take on in the 未来.

This large 人物／姿／数字 does, of course, raise the question as to whether some of it could be used up in 支払う／賃金ing bigger インフレーション増加するs to the nearly 200,000 people who 現在／一般に receive PPF 補償（金）.

This 問題／発行する is 特に演説（する）／住所d in its 最新の年次の報告（する）／憶測 which explains that although PPF is bound by 法律ーに関して／ーの点でs of the 支配するs on pre 1997 service, the organisation can be more generous on 地位，任命する 1997 service if it feels this is appropriate.

The 報告（する）／憶測 says that the Board of the PPF looked at a 範囲 of factors, 含むing the fact that they only had the 力／強力にする to change things with regard to 地位，任命する 1997 service (and not the bigger squeeze on pre 1997 service) and the fact that the 政府 itself had not 示すd any change in 政策. But in the end they decided to make no change at this 行う／開催する／段階.

However, the Work and 年金s Select 委員会 of the House of ありふれたs has been looking into this 事柄 and took oral 証拠 from the (then) 大統領 of the PPF, Oliver Morley in November.

You can read a transcript of the 証拠開会／開廷／会期 here: Work and 年金s 委員会: Defined 利益年金計画／陰謀s

They also heard 代表s from pensioners unhappy at the 限られた／立憲的な level of インフレーション保護.

The PPF’s position as 始める，決める out by its 長，指導者 (n)役員／(a)執行力のある is that 最終的に it is a 事柄 for 政治家，政治屋s to make a 決定／判定勝ち（する） about the 支配するs around PPF 補償（金）.

The PPF was created by an 行為／法令／行動する of 議会 which 始める，決める支配するs and 限界s as to what PPF can and cannot do, and his 見解（をとる） was that any change to those 支配するs should also be 決定するd by 議会.

But, perhaps surprisingly, he did however 追加する that, with regard to the 欠如（する） of indexation on pre-1997 service, he felt that ‘there is a good 事例／患者 on 公正，普通株主権 grounds’ for taking 活動／戦闘.

In 新規加入, the new 年金s 大臣, Paul Maynard MP, subsequently told the 委員会 he had asked civil servants to look afresh at the whole 問題／発行する of PPF indexation.

In short therefore, whether or not PPF 補償（金） is 改善するd in 未来 is likely to depend まず第一に／本来 not on the PPF and its board but on the 決定／判定勝ち（する）s of 現在の and 未来大臣s.

But with an 選挙予定 in いっそう少なく than a year, this may be an 問題／発行する where those 影響する／感情d will 捜し出す to bring 圧力 to get the 支配するs changed.

Ask Steve Webb a 年金 question

Former 年金s 大臣 Steve Webb is This Is Money's agony uncle.

He is ready to answer your questions, whether you are still saving, in the 過程 of stopping work, or juggling your 財政／金融s in 退職.

Steve left the Department of Work and 年金s after the May 2015 選挙. He is now a partner at actuary and 協議するing 会社／堅い小道／航路 Clark & Peacock.

If you would like to ask Steve a question about 年金s, please email him at pensionquestions@thisismoney.co.uk.

Steve will do his best to reply to your message in a 来たるべき column, but he won't be able to answer everyone or correspond 個人として with readers.?Nothing in his replies 構成するs 規制するd 財政上の advice. Published questions are いつかs edited for brevity or other 推論する／理由s.

Please 含む a daytime 接触する number with your message - this will be kept confidential and not used for marketing 目的s.

If Steve is unable to answer your question, you can also 接触する MoneyHelper, a 政府-支援するd organisation which gives 解放する／自由な援助 on 年金s to the public. It can be 設立する here?and its number is 0800 011 3797.

Steve receives many questions about 明言する／公表する年金予測（する）s and COPE ? the 契約d Out 年金同等（の）. If you are 令状ing to Steve on this topic, he 答える／応じるs to a typical reader question about COPE and the 明言する／公表する年金 here.??

This is Money podcast

More This is Money podcasts

Some links in this article may be (v)提携させる(n)支部，加入者 links. If you click on them we may earn a small （売買）手数料，委託（する）／委員会／権限. That helps us 基金 This Is Money, and keep it 解放する／自由な to use. We do not 令状 articles to 促進する製品s. We do not 許す any 商業の関係 to 影響する／感情 our 編集（者）の independence.