State pension payments set to change next month – are you affected?

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State pension payments set to change next month – are you affected?

Recently, all benefit payments awarded by the DWP were increased by 3.1 percent, the same rate of Consumer Price Index (CPI) inflation from Septemb

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Recently, all benefit payments awarded by the DWP were increased by 3.1 percent, the same rate of Consumer Price Index (CPI) inflation from September last year.

This has proven to be controversial as inflation in the UK has recently hit a 40-year high of nine percent as of last week.

As a result of this, recipients of the state pension will not see their payment rise at the same rate as the increase in the cost of living.

Steven Cameron, a pensions director at Aegon, noted that older Britons are more likely to be at risk from the threat of inflation.



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