Triple Lock

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2012 National Retired Members Conference
12 June 2012
Carried as Amended

The Office of National Statistics and the Royal Statistical Society are engaged in improving the Consumer Price Index (CPI) in particular the inclusion of owner-occupied housing costs and changes in sampling to reduce the distortions of the ‘Formula Effect’. The CPI is regulated by the EU and is designed to make macro-economic comparisons between member states and is not designed for compensation purposes.

The UK State Pension is protected from inflation by a ‘Triple Lock’ arrangement which uses the greater of the CPI, Average Earnings or 2.5% to uprate the Pension.

The campaign for a Pensioner specific Index must continue.

In the meantime Conference calls on the National Retired Members Committee to campaign for the same ‘Triple Lock’ Indexation that applies to the State Pension to be applied to all public sector pensions.