Submitted on Thursday 4th August 2011
Published on Monday 8th August 2011
Current status: Closed
Closed: Tuesday 8th May 2012
Public & Private Pension Increases - change from RPI to CPI
Many workers in the Public and Private Sector have contributed to their pensions on the understanding that on retirement these Pensions would be increased each April by the preceding September's Retail Price Index (RPI) rate. From April 2011 the Government has transferred these increases to the Consumer Price Index (CPI) measure which in the Treasury's own words "...is designed to take account of the fact that consumers tend to shop around, switching to cheaper alternatives when prices of similar goods change." This change, which has been introduced in most cases without any prior consultation, will mean a steady reduction in spending power for pensioners as they progress into their retirement. Given the promises that have previously been made, the RPI measure should be reintroduced without delay to ensure that the spending power of these Public and Private pensioners is maintained.
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The Government responded to this petition on Tuesday 20th September 2011
This e-petition has reached 100,000 signatures. The Government has notified the Backbench Business Committee in the House of Commons who will consider its suitability for debate when Parliament returns in September. This e-petition will remain live, and people will be able to continue adding their signatures.
The Backbench Business Committe have announced that a debate relating to this e-petition will take place on Thursday 1 March 2012 in the Chamber of the House of Commons. Further information about the debate, and on the workings of the Backbench Business Committee, can be found on the Committee's website at http://www.parliament.uk/bbcom
John McDonnell MP was allocated a half day debate on the issue on 1 March 2012. A transcript of the debate can be found at http://www.publications.parliament.uk/pa/cm201212/cmhansrd/cm120301/debtext/120301-0002.htm#12030147000001
This petition has reached the threshold for a Parliamentary debate, but the debate has not yet been scheduled.
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