State pensioners set for ‘roller coaster ride’ as Bank of England predicts 13% inflation | Personal finance | Finance

Some may not reach the sum for other reasons, for example, if they do not have the full number of contributions or national insurance credits needed.

However, while short-term increases are almost guaranteed if inflation rises, there may be future uncertainty.

Mr Cameron continued: ‘The longer-term question is whether, in these unprecedented times, with roller coaster inflation, does it make sense to base increases to state pensions on a calculation of year by year.

“The use of fixed dates, well in advance of the actual increases in April, adds further unpredictability and can lead to inequalities between people of working age whose incomes may increase at a very different rate from increases in pensions. state, but whose NI contributions pay state pensions.”

READ MORE: Rishi Sunak suggests he would reduce inheritance tax rate as prime minister



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