The RPI Index its History and future Introduction by Peter Austin Chair of OPA-October 2018 The Arts Centre Lower Sunbury

Recent History since 2010 Following the World Financial and Banking Collapse during 2008 the continued use of Retail Price Index originally introduced in the 1950’s for various indexation purposes including Financial and Investment Ratings was seen as expensive. The Consumer Price Index introduced from Europe in 2003 was seen as more consistent, appropriate and reliable at a time of financial difficulties. CPI was then introduced to index Cost of Living increases for State and Occupational Pension Schemes in the UK as the new National Statistic. As a result The Coalition Government decided to change its Policy for Public Sector Pension Schemes and Treasury linked Schemes by using the Consumer Price Index solely instead of the RPI. Private sector schemes had a choice dependent on the legal issues as to whether the Trust Deed could be amended and the Employers requirements. As a result there are a number of schemes which do differ by size of annual indexation increases compared with others

Other uses of RPI in the Economy For the indexation of Government Gilts and Bonds For the Indexation of Commercial Contracts For University Student Loans Annual Indexation Occupational Pension Schemes in the Private Sector

Contributors to this Presentation and Key Contents Introduction and Short History Statistics,Graphs,Indices and contributions Accounting and Financing : Legal Aspects House of Lords Inquiry which is ongoing Various Written and Oral Submissions Members of the Economic Committee The dangers of Arbitrary Change and the compromise of gradual long-term adjustment.

Presenters and Contributors Peter Austin-Chairman of OPAlliance Tony Cox- Statistics Consultant Robert Gibson-Consultant Barnett Waddingham John Scholey-Chair of UnileverPensioners Association Panel Question and Answer Debate and Discussion withAttendees and Participants