Three letters cost pensioners £47k

PA

Money is a peculiar area. Something vast and life-changing can be described in a couple of meaningless acronyms that unsurprisingly pass us by. But further down the line, we suddenly realise that three little letters have changed our world dramatically for the worse.

So it was when scores of companies quietly changed the inflation link of their pensions from RPI to CPI. What passed in a fug of 'so what?' was a move that could cost pensioners thousands.