Full state pension will rise to £13,036 next April, breaching the frozen £12,570 tax allowance for the first time
Pensioners face an income tax bill for the first time as the full new state pension rises to £250.70 a week — above the frozen personal allowance — with Chancellor John Healey expected to confirm the rates at the Budget…
Wage growth of 3.9 per cent outstripped September's 3.5 per cent inflation figure, locking in a £489 rise for pensioners from April 2027. The Government has promised that pensioners living solely on the state pension will pay no tax on it, though the precise details are yet to be released. Chancellor John Healey is expected to set out the specifics in the Budget on 28 October. Only around one in 17 pensioners stands to gain from the exemption.
Prime Minister Andy Burnham intends to replace the triple lock with a double lock from April 2030.
Opposition leader Kemi Badenoch condemned Burnham's proposal as an attack on the value of the state pension.
Those receiving the old basic state pension will get £192.10 a week, up £7.20.
