That might not sound a lot, but has the ABI estimates that the move could cost investors and pensioners £122 billion - with pensioners hit particularly hard. (Image: Getty)And it's not just today’s pensioners who will lose out, but workers in final salary schemes too. “This looks set to include millions of defined benefit scheme members whose pensions are linked to RPI," Selby said. "In addition, those who have bought annuities from insurance companies promising annual RPI inflation rises will also bit hit. Many contracts for mobile phones also allow "inflation linked" rises each year - meaning people could also save money that way too.

Source: Daily Mirror November 25, 2020 17:31 UTC