2020-11-25 23:34

Spending Review: Millions face cut in value of workplace pensions KS1世界播



Millions of retirees will see the future value of their pension cut owing to a planned change in the way payments are calculated from 2030. KS1世界播


Many of those with so-called defined benefit workplace pensions see their pension payments increase each year in line with the rising cost of living. KS1世界播


The way this annual rise is calculated is expected to become less generous from February 2030. KS1世界播


Chancellor Rishi Sunak ruled out making a change any earlier. KS1世界播

总理Rishi Sunak排除了早些时候做出任何改变的可能性。KS1世界播

Women and new retirees will be hardest hit by the changes which were revealed in documents released alongside the chancellor's Spending Review, but not mentioned in Mr Sunak's speech. KS1世界播


Over time, the value of their pensions could be thousands of pounds less than they might have expected. KS1世界播


The proposed changes do not affect the state pension, which will rise by 2.5% in April in line with the government's triple-lock promise. KS1世界播


Investors - often pension funds - who buy index-linked gilts (government debt sometimes linked to RPI inflation) would have been hit harder had the change been made earlier. KS1世界播


From 2030, there could be some benefit to commuters and those paying back student loans, owing to the changes. KS1世界播


What happens under these plans? KS1世界播


The rising cost of living is calculated using various measures, including the Retail Prices Index (RPI) measure of inflation. KS1世界播


National statisticians believe this is no longer a valid measure, saying that other measurements are more reliable. KS1世界播


As a result, in 2030 RPI is likely to be aligned with another, newer, measure of inflation called CPIH, which is the Consumer Prices Index plus housing costs. This is generally lower, often by about 0.8%, although the gap is currently narrower. KS1世界播





The chancellor could have signalled a change as early as 2025, but said no change should occur before 2030. KS1世界播


Some financial products and bills are pegged to RPI, when they increase each year. KS1世界播


They include interest on student loans, and the annual rise in rail fares. KS1世界播


However, the most significant link is to the majority of defined benefit (often final salary linked) workplace pensions in the private sector. KS1世界播


Each year, retirees see their pension increased in line with inflation, as measured by RPI. The same is true of workplace pension pots where contributions have stopped, usually because the holder has moved job but is not yet old enough to draw the pension. KS1世界播


In 2010, George Osborne as chancellor switched public sector pension annual uprating from RPI to the, mostly-lower, Consumer Prices Index (CPI) measure of inflation. KS1世界播

2010年,乔治·奥斯本(George Osborne)担任财政大臣时,将公共部门养老金年度涨幅从RPI改为消费者物价指数(CPI)通胀指标,但CPI大多较低。KS1世界播

Who is worst affected? KS1世界播


As RPI will most likely be lower from 2030 than people would otherwise have expected, so the annual increase in their pension will be lower than they had planned. KS1世界播


Women (who live longer) and new retirees (who face years of a less generous pension from 2030) would be affected the most, according to the Pensions Policy Institute. KS1世界播

根据养老金政策研究所(Pensions Policy Institute)的数据,女性(寿命更长)和新退休人员(从2030年起面临多年不那么慷慨的养老金)将受到最大影响。KS1世界播




Investors - particularly pension funds - also hold index-linked gilts, which is government debt linked to RPI inflation. These would also become less valuable if RPI was lower. KS1世界播


But, pension funds would also pay out less to members in retirement - so how big a hit they face depends on their mix of their investments and what they have to pay out to pensioners. KS1世界播


The chancellor ruled out reforming RPI before 2030 because current 10-year index-linked gilts would have matured by then. Anyone investing in them from now will be aware of the change. KS1世界播


Why the issue is not closed KS1世界播


Tom Selby, from investment firm AJ Bell, said: "From 2030 onwards the message is unequivocal: if you are negatively impacted by this, tough. The government is clear it will not provide any kind of compensation to those who lose out as a result of the downgrade in the value of RPI." KS1世界播

投资公司AJ Bell的汤姆·塞尔比(Tom Selby)表示:“从2030年开始,信息是明确的:如果你受到这一事件的负面影响,那就是强硬。政府明确表示,不会向那些因RPI评级下调而蒙受损失的人提供任何形式的补偿。”KS1世界播

Official statisticians say RPI should be reformed earlier, irrespective of the effects. KS1世界播


"We regret the government's decision that the change should not be made before 2030," said Sir David Norgrove, who chairs the UK Statistics Authority. KS1世界播

英国统计局(UK Statistics Authority)主席大卫·诺格罗夫爵士(Sir David Norgrove)表示:“我们对政府在2030年之前不应做出改变的决定感到遗憾。”KS1世界播

"It is UK Statistics Authority policy to address the shortcomings of the RPI in full at the earliest practical time. The change we propose can legally and practically be made by the Authority in February 2030. KS1世界播


"We continue to urge the government and others to cease to use the RPI, a measure of inflation which the Government itself recognises is not fit for purpose." KS1世界播


© 2016 世界播 www.shijiebobao.com 中国互联网举报中心 京ICP证140141号 鄂ICP备18018000号-1