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Why don t my pensions built up before 1988 rise with inflation?

Over time there have been two main changes affecting the rules on this. The first came in 1978 when the state earnings-related pension scheme was introduced. SERPS offered a salary-related retirement pension to all workers via the state pension system. Steve Webb: Find out how to ask the former Pensions Minister a question about your retirement savings in the box below But there was a risk that for those in company pensions already this would amount to ‘double provision’ – a worker would be paying in to his or her company pension as well as paying National Insurance contributions towards an earnings-related pension from the state.

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