Reader Question:
Did the Government give a 2.5% increase on SERPs today for April 2013, they never come straight out each year and tell us. I am 79, so a rise on SERPs is important to me.
My response:
The Government haven't confirmed the actual increases yet and won't do so until the Autumn Statement in December. The figures I've used in my article 'Latest inflation figs determine 2013’s basic state pension, ISA allowance & benefit levels' are based on September's inflation figures which were announced on Tuesday, and the current rules for increases.
Having said that, the Government's 'triple lock' promise does not cover the State Earnings-Related Pension Scheme (SERPs) which will instead rise in line with September CPI inflation, i.e. 2.2%.
Best wishes
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