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Chancellor’s Autumn Statement 2022

The Chancellor of the Exchequer Jeremy Hunt has presented his Autumn Statement to Parliament.

Mr Hunt has largely avoided tinkering with pensions to fund his spending plans, in his statement he said,

The Government will deliver a plan to tackle the cost of living crisis and rebuild the UK economy.…”

So what for Pensions?

  • The pensions triple lock is to be protected, and the Government will raise the State Pension, in line with inflation, from April 2023, ensuring they increase over 10%
  • The State Pension age is legislated to increase over the next 25 years. There is currently a review of the State Pension age being carried out which is considering whether the existing timetable remains appropriate. The Secretary of State for Work and Pensions will publish the Government’s review of the State Pension age in early 2023

So what for Armed Forces Pensions?

We refer you back to our news items on this here CPI increase announced as 10.1% and The Triple Lock and AFPS. Nothing has changed and we have seen no suggestion that Public Sector Pensions will not be increased from April 2023, in line with CPI (10.1%).

You might also like to read Autumn Statement: All Quiet on the Pensions Front

And finally, what about Defence?

The Autumn Statement reconfirms the Government’s commitment that defence spending will not fall below 2% of GDP.

You can find the full Autumn Statement here

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