Full state pension will top £13,000 next April for the first time and breach the frozen tax allowance
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…
Of Britain's 13.3 million state pensioners, only 3.2 million will receive the full £489 increase, while more than 10 million will get less or nothing. Around 420,000 pensioners based abroad will receive no increase at all. The 3.9 per cent rise was determined by wage growth after September's inflation figure came in at 3.5 per cent. Prime Minister Andy Burnham intends to scrap the triple lock from April 2030.
Chancellor John Healey is expected to confirm the new rates in the Budget on October 28.
Pensioners are still waiting for details of the promised income tax exemption for those living only on the state pension.
Kemi Badenoch attacked Burnham for his intention to erode the value of the state pension by 2030.
