UK pensions to go up 2.5%

UK pensions go upThe British state pension is set to rise by 2.5% next year, the minimum possible under a new scheme.

On Tuesday, the inflation rate for September will be announced.  September’s rate is the one used to calculate the annual increase in the basic state pension.

The predicted increase in the consumer prices index (CPI) is 2.4%, down from 2.7%.  Because there has not been much movement in wage inflation, the 2014 increase should be the minimum 2.5%.

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