Eagle-eyed Budget and Treasury watchers are well aware that what appear to be small or insignificant changes made by Chancellors or ministers can often have huge ramifications in subsequent years.

Chancellor Rishi Sunak has extended the consultation on scrapping the RPI inflation measure by four months to August.

The Pensions Policy Institute has warned that a Government change to the inflation measure could cut lifetime pension income by up to 21%.

Pension consultancy Barnett Waddingham has warned that the potential axing of the RPI inflation measure by the government could have ‘seismic’ implications for pension schemes.