News
The news feed below keeps you up to date with the latest pension updates and information.
Website updates
We are always working to update the LRSFA website so that it's accessible and practical for you. Our latest changes are:
- To make the information as user friendly and useful as possible, we have adopted a new simplified content style. This means the content will be easier to understand, and more insightful for you as members.
- You may have noticed we have updated our website design — this new look and feel provides you with enhanced accessibility and a more engaging experience navigating the Pension Port.
If you have any comments or questions about the updates, please contact us.
The rising cost of living
Data from the Office for National Statistics show that UK households are being hit by the steepest annual rise in inflation since the early 1980s. The soaring cost of gas, electricity, groceries and petrol, means that living standards are being squeezed from every direction.
If you're struggling, visit Money Helper or call 0800 138 7777 to speak to an adviser. Trained staff can give you advice about how to keep on top of your finances and how to make the most of your income.
Scams rise as cost of living bites
Scammers are capitalising on the cost-of-living crisis by contacting people speculatively with offers of rebates, grants and support payments. Local councils, government departments, or energy providers will not call, text or email you to let you know about them. They will never ask you to provide sensitive or personal identifying information.
To receive further information about scams, follow guidance from Citizens Advice.
State Pension increase
The Department for Work and Pensions recently announced that it has reviewed its proposed increase to the State Pension for 2022/2023. From 6 April 2022, it will rise by 3.1% instead of 2.5%.
Last year, the government confirmed a one-year suspension of the 'triple lock' formula for calculating increases to inflation-linked benefits like State Pensions. However, it is now being reinstated. This means it will rise by inflation, average earnings or 2.5%, whichever is highest.
You may also have other benefits available to you. According to Age UK, up to £2.2bn of Pension Credit and Housing Benefit goes unclaimed by older people each year. If you think you could be missing out, use the Age UK benefits calculator.