As other countries are finding out, pegging maximum inflation at 2% or perhaps 3% without taking action has sound reasoning behind it.

FORBES: The Perils Of Leaving Interest Rates Low

New proposals by the USS include a link to annual inflation, but set a higher maximum of 2.5%.

BBC: Pension cuts proposed for university staff

For each year they wait past 66, they get 8% more (plus an inflation adjustment), for a maximum benefit at 70 equal to 132% of the full retirement age payout.

FORBES: The 62/70 Solution