In April 2021, the Trustee, alongside the trustees of the BT Pension Scheme and Ford Pension Schemes, sought a judicial review of the Government and UK Statistics Authority (UKSA) decision to effectively replace the Retail Price Index (RPI) with the Consumer Price Index (CPIH) in 2030. We took this action because the reform would have an impact on increases to pensions in payment for most members and the value of the Scheme’s investments where returns are linked to RPI.
The case was heard at the High Court in June and it has recently announced its judgment that the judicial review is dismissed. This means that the Government and UKSA may go ahead with their decision.
The Trustee is disappointed with this outcome and considering next steps.
For more information, please read the joint media statement. Members can also read the original announcement which includes a Q&A.
Members do not need to take any action. We will continue to provide further updates on the Scheme website.
We have recently published a final update on this case, which you can read here.