I'd like to change some money rafaelavilchez.com Since 2012 the state pension has been based on the CPI (consumer prices index), with the following year's rate set at the CPI figure in September. So, if September's CPI stays similar to July's figure of 2.8pc, the rate for the pension rise in 2014 will be 2.8pc unless wage inflation is higher – pensions rise by the highest of the CPI, average wage rises and 2.5pc.