{"id":467440,"date":"2022-11-01T13:13:21","date_gmt":"2022-11-01T13:13:21","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=467440"},"modified":"2026-07-30T09:28:02","modified_gmt":"2026-07-30T08:28:02","slug":"how-does-inflation-affect-pensions","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/pensions\/how-does-inflation-affect-pensions","title":{"rendered":"How does inflation affect pensions?"},"content":{"rendered":"<p>The government sets an annual inflation target of 2%, which is intended to help keep the economy stable. However, national and global events can sometimes play havoc with this figure. Currently the inflation rate is at 2.6%, the lowest in 15 months and down from 2.8% in May due to fuel prices decreasing in response to tension in the Middle East. Inflation plays an important part in the value of our pensions, before and after we start drawing them. Here\u2019s how inflation can affect <a href=\"https:\/\/www.finder.com\/uk\/pensions\/state-pension\">state<\/a> and <a href=\"https:\/\/www.finder.com\/uk\/pensions\/private-pension\">private pensions<\/a>.<\/p><h3>What is inflation?<\/h3><p>Inflation is the rate at which the cost of buying goods and services rises over time. It affects how much \u201cstuff\u201d you can buy with the same amount of money.<\/p><p>Let\u2019s say that on a given date, a loaf of bread cost \u00a31. You can hand over your shiny pound coin (or, these days, usually tap a card or mobile). The retailer will give you the loaf in return.<\/p><p>Roll on another year, and bread inflation over the previous year has been 5%. A pound coin is still only worth a pound, but an identical loaf would now cost \u00a31.05. So you\u2019d have to hand over a 5p coin too.<\/p><h3>How is inflation measured?<\/h3><p>Official measures of inflation are designed to reflect overall increases (or, less commonly, decreases) in the cost of living. Every month, the Office of National Statistics (ONS) checks the prices of a \u201cbasket\u201d of more than 700 commonly bought goods and services.<\/p><p>The official figure that\u2019s usually used when you read about \u201cinflation\u201d is the Consumer Prices Index (CPI). You may also come across the acronyms \u201cCPIH\u201d and \u201cRPI\u201d.<\/p><ul><li><strong>CPI <\/strong>(the Consumer Prices Index) measures the speed at which the prices of everyday goods and services rise or fall. It includes everything from groceries, clothing and energy bills to entertainment, holidays and transport. Importantly, it excludes owner-occupiers\u2019 housing costs.<\/li><li><strong>CPIH<\/strong> (the Consumer Prices Index including owner-occupiers\u2019 housing costs) includes everything that\u2019s part of the CPI, plus owner-occupiers\u2019 housing costs. These are the housing services associated with owning, maintaining and living in one\u2019s own home. It doesn\u2019t include the costs of purchasing a house. It also doesn\u2019t specifically include mortgage costs, instead using a measure called \u201crental equivalence\u201d. This is how much rent the householder would pay for an equivalent property and is regarded as a better measure of inflation.<\/li><li><strong>RPI<\/strong> (the Retail Prices Index) is the oldest measure of inflation. It includes mortgage payments and is strongly influenced by house prices and interest rates. It has historically been higher than the CPI (and the CPIH). It\u2019s now rarely referred to as it\u2019s been deemed to be an inadequate reflection of average inflation. However, it remains important from a pension perspective as some pension increases are linked to the RPI. It is likely that the method for calculating the RPI will change at some point to be more in line with how the CPIH is calculated.<\/li><\/ul><h3>Does the state pension rise with inflation?<\/h3><p>Potentially, yes. Under a system known as the state pension \u201ctriple lock\u201d, the amount of state pension payable rises every April in line with the highest of 1 of 3 measures:<\/p><ul><li>The Consumer Price Index (CPI) in the previous September<\/li><li>Average earnings<\/li><li>2.5%.<\/li><\/ul><p>At the time of writing, in 2026, the state pension has increased from \u00a3230.25 a week from last year to \u00a3241.30 a week, representing the average increase of wages (4.8%) in 2025. The basic state pension increased from \u00a3176.45 a week to \u00a3184.90 a week in 2026.<\/p><p>These increases will apply whether you\u2019re already receiving your state pension or not. For more on the link between inflation and the state pension, visit our full guide on the <a href=\"https:\/\/www.finder.com\/uk\/pensions\/what-is-the-triple-lock-on-pensions\">state pension triple lock<\/a>.<\/p><h3>How does inflation affect defined benefit pensions?<\/h3><p>Defined benefit pensions (sometimes known as final salary pensions or \u2018career average\u2019 pension schemes) are a type of workplace pension scheme that pays out a fixed, regular income when you retire. How much you get depends on your salary and how long you worked for a company. You\u2019ll typically get more for the same level of contribution than you would if you bought an annuity with a defined contribution pension.<\/p><p>For this reason alone, defined benefit pensions are well worth having. But they\u2019re becoming increasingly rare outside of the public sector.<\/p><p>Another benefit of defined benefit pensions is that the income you receive (or will eventually receive, if you haven\u2019t retired yet) is usually adjusted annually in line with inflation. Some private sector schemes even use RPI, which \u2013 as we\u2019ve explained above \u2013 is typically the highest of the 3 official ways of measuring inflation. Public sector schemes (such as the <a href=\"https:\/\/www.finder.com\/uk\/pensions\/teachers-pension-scheme\">Teachers\u2019 Pension Scheme<\/a>) switched to CPI some time ago.<\/p><p>So, in theory at least, defined benefit pension income should keep up with the cost of living. There\u2019s a big caveat to this, though, in the form of inflation caps.<\/p><h4>The impact of inflation caps<\/h4><p>While some defined benefit pensions may not place any restrictions on their inflation-linking, the majority of private sector pensions place a cap on increases. A cap between 3% and 5% is typical. Some schemes may set different levels.<\/p><p>Since 1992, annual inflation has only topped 3% in a handful of years \u2013 and even then, typically only by a small amount. This means that, even for pensions where the inflation linking is capped at fairly low levels, scheme members won\u2019t have been short-changed by too much.<\/p><p>Roll over to 2022 (the high-inflation era), and the picture is less rosy. In September 2022 (the month which pension providers often use as their benchmark) the CPI was 10.1%, while RPI was 12.6%, and the average housing price increased to \u00a3295,000 (\u00a326,000 more than the year before).<\/p><p>In periods of such high inflation, defined benefit pension holders with a cap on increases may find that their income no longer keeps up with inflation.<\/p><p>Scheme managers often have the ability to ignore the cap and award discretionary increases. However, there\u2019s no guarantee of this.<\/p><h3>How does inflation affect the value of defined contribution pension pots?<\/h3><p>Unlike defined benefit pensions, defined contribution pensions don\u2019t guarantee you a certain level of income when you retire. Instead, your contributions are invested into a pension pot. The idea is that investment returns will grow the size of your pot over time, so that \u2013 when you start drawing on your pension \u2013 you\u2019ve accumulated enough to fund your retirement.<\/p><p>Assuming you contribute enough in the first place (and the question of how much is \u201cenough\u201d is a big question in and of itself), the success of this approach will depend on at least 2 crucial factors:<\/p><ol><li>The returns you receive on your investments. The stock market has been fairly volatile over recent years, thanks to events such as the pandemic, the war in Ukraine and a turbulent political environment in the UK, which has had an inevitable impact on some pension investment returns.<\/li><li>High inflation eroding the value of those returns. Historically, pensions have grown faster than inflation. But, during a period of high inflation, pension investments have to work even harder to even match \u2013 let alone outpace \u2013 inflation.<\/li><\/ol><p>Plus, because most people pay into their pension based on a percentage of their salary, then unless their salary rises in line with inflation, the real-terms value of the contributions they make will also be lower.<\/p><h4>Should I stop paying into a pension if inflation is high?<\/h4><p>If you\u2019re paying into a defined contribution pension during a period of high inflation, it\u2019s important not to panic. If you can possibly afford to, maintain your contributions. The tax breaks on offer still make pensions the best way to save for retirement for most people. Plus, the current period of high inflation is unlikely to last forever, and the time will come (hopefully before too long) when investment returns once again outpace inflation. Pensions are a long game, with any short-term economic wobbles usually balanced out in the long run.<\/p><h3>How does inflation affect pension drawdown income?<\/h3><p>Inflation doesn\u2019t only affect the eventual value of your pension while you\u2019re making contributions. It can also affect how long the pot you\u2019ve built up will last when you stop contributing and start drawing an income.<\/p><p>One of the options you can choose to receive an income when you retire is known as <a href=\"https:\/\/www.finder.com\/uk\/pensions\/pension-drawdown\">pension drawdown<\/a>. With this approach, your pension funds stay invested and you gradually withdraw an income. You can adjust the amount you take as required.<\/p><p>Most people live for decades after they retire, so their pension has to last a long time. One of the potential benefits of income drawdown is that, by keeping the unused part of your pot invested, it has the chance to carry on growing and help your pension last longer.<\/p><p>Even if you plan for this carefully, the best-laid plans can be scuppered by high inflation, even if investment returns stay steady. Let\u2019s say you plan to withdraw an income of \u00a310,000 a year, to top up your state pension income. Even with inflation at 2%, you\u2019d need to increase your withdrawals by this amount each year to keep up with increases in the cost of living.<\/p><p>It doesn\u2019t take a maths genius to work out that in periods of high inflation, you\u2019ll need to make bigger withdrawals in order to keep up with living costs. This means your pension won\u2019t last as long \u2013 especially if inflation levels are higher than the potential returns on your investments.<\/p><p>One solution is to make lifestyle sacrifices so that you can avoid having to withdraw ever-larger amounts. Provided high inflation doesn\u2019t last forever, these sacrifices should only be temporary. It could also be a good idea to talk to a professional financial adviser, who may be able to recommend ways to preserve the value of your pension pot.<\/p><h3>Does annuity income rise in line with inflation?<\/h3><p>Instead of (or alongside) going into pension drawdown with a defined contribution pension pot, you can opt to buy an <a href=\"https:\/\/www.finder.com\/uk\/pensions\/what-are-annuities\">annuity<\/a>. An annuity is an insurance product that offers an annual income \u2013 either for the rest of your life or for a fixed period \u2013 in exchange for a lump sum from your defined contribution pension savings.<\/p><p>With standard, level annuities, the income you receive does not increase in line with inflation. This means that, in periods of high inflation, the real value of that income could take a substantial hit. If you want your annuity income to be protected from rising living costs, you need to opt for an escalating annuity. These pay out a little more each year than the previous year. You can choose for an escalating annuity to rise by a certain percentage or have it rise with inflation.<\/p><p>Be aware, though, that escalating annuities tend to offer lower initial income than level annuities for the same lump sum. This means that it may take some time before you receive more income from an escalating annuity than you would get from a level annuity.<\/p><p>Once you\u2019ve bought a certain type of annuity, you can\u2019t change your mind. 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              <\/div>\n\n        <div class=\"eeQuote__contentContainer \">\n            <div class=\"eeQuote__content\">\n                                    <div class=\"eeQuote__heading\">Our expert says: Is high inflation bad for pensions?<\/div>\n                                <div class=\"eeQuote__quote\">\n                    <p>\"How significantly your pension is likely to be affected by inflation depends on the type of pension you have, and how far away you are from retirement. Or, indeed, whether you\u2019re already retired.<\/p><p>In principle, the state pension should be protected from the impact of high inflation because of the triple lock. But this is provided that the triple lock remains in place. If the government decides to ditch the CPI-linked prong of the triple lock, then pensioners that rely on the state pension for most of their income may be particularly vulnerable. This is not least because a proportionately high amount of pensioner income goes on energy bills \u2013 which are at a historic high as of late 2022.<\/p><p>Private pensions are potentially vulnerable to the effects of inflation too. While many defined benefit pensions have inflation-linked increases built in, these increases are often capped. And defined contribution pension returns may struggle to keep up with the cost of living during periods of high inflation.<\/p><p>All that said, if you\u2019re still some time away from retirement, there\u2019s probably enough time for things to settle down and for defined contribution pensions to recover. If you\u2019re approaching retirement \u2013 or already in pension drawdown \u2013 and you\u2019re worried about safeguarding the value of your pension, it could be worth seeking professional financial advice.\"<\/p>\n\n                <\/div>\n            <\/div>\n\n                            <div class=\"eeQuote__authorInfo\">\n                                            <div class=\"eeQuote__authorPhoto--mobile\">\n                            <figure class=\"eeQuote__photo\">\n                                <img decoding=\"async\" alt=\"Zoe Stabler DipFA's headshot\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2025\/11\/ZoeStablerF1_Finder_600x600.png\" class=\"avatar avatar-200 photo finder-avatar\" height=\"200\" width=\"200\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2025\/11\/ZoeStablerF1_Finder_600x600.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/2025\/11\/ZoeStablerF1_Finder_600x600.png?fit=360 360w, 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110.75Z\" fill=\"#fff\"><\/path>\n      <path d=\"M264.8 23.64c57.06 0 103.32 46.26 103.32 103.32S321.86 230.28 264.8 230.28c-25.42 0-48.69-9.2-66.68-24.43-18 15.23-41.26 24.43-66.68 24.43-57.06 0-103.32-46.26-103.32-103.32V23.64h236.69m-.01-14.87H13.24v118.19c0 31.57 12.29 61.25 34.62 83.57 22.32 22.32 52 34.62 83.57 34.62 23.86 0 47.12-7.26 66.68-20.63 19.56 13.37 42.83 20.63 66.68 20.63 31.57 0 61.25-12.29 83.57-34.62 22.32-22.32 34.62-52 34.62-83.57s-12.29-61.25-34.62-83.57c-22.32-22.32-52-34.62-83.57-34.62Z\" fill=\"#232021\"><\/path>\n      <path d=\"M269.72 114.69a3.64 3.64 0 0 1 4.21-3.18c14.6 2.38 27.46-8.95 25.65-24.62-.56-4.81-2.79-8.03-5.43-11.41-1.29-1.65-.91-4.1.87-5.21 19.12-12.03 38.77-2.34 49.97 16.28 13.73 22.83 14.14 57.77.65 80.79-18.88 32.22-52.57 28.76-68.66-3.72-7.46-15.06-9.15-32.34-7.25-48.92Z\" fill=\"#232021\"><\/path>\n      <path d=\"M134.42 114.69a3.64 3.64 0 0 1 4.21-3.18c14.6 2.38 27.46-8.95 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0-84.33-37.75-84.33-84.33V15.9h193.18m-.01-12.14H7.01v96.46c0 53.19 43.27 96.46 96.46 96.46 19.47 0 38.46-5.92 54.43-16.84 15.96 10.91 34.95 16.84 54.42 16.84 53.19 0 96.46-43.27 96.46-96.46S265.51 3.76 212.32 3.76\" fill=\"#232021\"><\/path>\n        <path d=\"M216.34 90.21a2.975 2.975 0 0 1 3.43-2.6c11.91 1.94 22.41-7.31 20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26 15.6-9.82 31.64-1.91 40.78 13.29 11.21 18.64 11.54 47.15.53 65.94-15.41 26.3-42.91 23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93ZM105.92 90.21a2.975 2.975 0 0 1 3.43-2.6c11.91 1.94 22.41-7.31 20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26 15.6-9.82 31.64-1.91 40.78 13.29 11.21 18.64 11.54 47.15.53 65.94-15.41 26.3-42.91 23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93Z\" fill=\"#212121\"><\/path>\n      <\/g>\n    <\/svg>\n  <\/div>\n<\/div>\n                                                    <\/div>\n                                        <div class=\"eeQuote__authorDetails\">\n                                                    <a class=\"eeQuote__authorName\" href=\"https:\/\/www.finder.com\/uk\/author\/zoestabler\" itemprop=\"url\" target=\"_blank\">\n                                Zoe Stabler DipFA\n                            <\/a>\n                                                                            <div class=\"eeQuote__authorTitle\">Senior writer<\/div>\n                                            <\/div>\n                <\/div>\n                    <\/div>\n    <\/div>\n<\/div>\n<h3>Bottom line<\/h3><p>When the cost of living is rising at a fast rate and inflation is high, everyone is likely to feel the pinch. Pensions can also suffer if they don\u2019t have inflation-linked increases built in because their real-terms value may be eroded by inflation. But there\u2019s also a risk that if cost-of-living increases are forcing you to prioritise what you spend money on, stopping your pension contributions could seem like an easy sacrifice. Avoid this if you can, or if you feel you have no choice, restart contributions as soon as you are able. Retirement income may seem like a low priority if there are still 20 years or more to go before you retire. But your \u201cgolden years\u201d can last for several decades, and building up a decent pot can help make sure you enjoy a quality lifestyle in retirement.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">What is the state pension triple lock?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"> The UK government introduced the state pension triple lock in 2010 to protect pensioner income from being eroded by inflation. It guarantees that the state pension will increase by the largest of CPI, average earnings or 2.5%. <\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">Does inflation affect my pension if I haven't started drawing an income?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\"> Potentially, yes, especially if you have a defined contribution pension. The idea behind defined contribution pensions is to build up a pot that\u2019s big enough to fund your retirement. The value of that pot will be made up of your (and potentially your employer\u2019s) contributions, and the returns on your pension investments. Those returns have to exceed inflation if your pot is to grow in real terms. In periods of very high inflation, this is less likely. Fortunately, such periods tend to last for a few years at most. In the long run, your pension pot should recover. <\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000002\" data-toggle=\"collapse\" data-target=\"#accordion0000000002\">\n        <span class=\"luna-accordion__title\">Who is responsible for managing inflation?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000002\" data-accordion=\"details\">\n    <div class=\"accordionContent\"> It\u2019s the Bank of England\u2019s job to keep inflation at the government\u2019s 2% target. If it misses the inflation target by more than 1 percentage point on either side, it has to tell the government why and what it plans to do to get inflation back on target. One of the ways it may do that is to adjust the base rate. Find out more on the <a href=\"https:\/\/www.bankofengland.co.uk\/knowledgebank\/what-is-inflation\" target=\"_blank\" rel=\"noopener\">Bank of England website<\/a>. <\/div>\n  <\/div>\n<\/li><\/ul><article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">Pensions are long-term investments. You may get back less than you originally paid in because your capital is not guaranteed and charges may apply. Keep in mind that the tax treatment of your pension and investments will depend on your individual circumstances and may change in the future. Capital at risk.<\/div><\/article><article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms \"best\", \"top\", \"cheap\" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our <a href=\"https:\/\/www.finder.com\/uk\/terms-of-use\" class=\"fin-text-navy\">terms of use<\/a>. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.<\/div><\/article><div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000000\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000000\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>We explain how inflation can impact the state pension, defined benefit pensions and defined contribution pensions. <\/p>\n","protected":false},"author":805,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"inflation affects pensions","_yoast_wpseo_title":"How does inflation affect pensions? 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