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Thousands of pensioners to get cost-of-living hikes to take account of inflation

:Some insurers had blamed tax rules for failing to pay cost-of-living increases on annuity pension products

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Move by pension firms to limit 'inflation escalator' payments sparked Revenue probe. Photo: Stock image

Move by pension firms to limit 'inflation escalator' payments sparked Revenue probe. Photo: Stock image

Move by pension firms to limit 'inflation escalator' payments sparked Revenue probe. Photo: Stock image

Revenue officials have cleared the way for insurance companies to pay thousands of pensioners higher amounts, to take account of inflation.

The move affects those with pension annuities that have a cost-of-living rise built in.


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