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UK STATE PENSION RISE 2022 & What Has Happened to CPI & RPI? / Retirement Planning UK

UK STATE PENSION RISE 2022 & What Has Happened to CPI & RPI? The official increase in the UK State Pension from April 2022 will be 3.1%. This is due to the increase being aligned to the suspended triple lock meaning that average earnings will not be included in the test. Therefore the remaining two parts to this is the greater of CPI or 2.5% guaranteed minimum. CPI came in at 3.1% in September largely due to increasing transport costs and dragged down slightly by the cost of restaurants and hotels. And interestingly RPI, for those whose pensions are still based off of that measure came in at an eye watering 4.9%. As a reminder RPI includes mortgage interest payments and is therefore heavily influenced by house prices and interest rates. CPI on the other hand takes into account all other goods and services but not housing costs. Therefore CPI being the higher amount the full New State Pension, so remember based on 35 qualifying years will increase from £9339 per