Displaying items by tag: State Pension
Tax warning for pensioners’ above-inflation boost
From 6 April, the state pension will increase by 4.1%, as calculated by the ‘triple lock’, and so above the latest inflation figure of 2.8%.
More pensioners dragged into income tax - HMRC stats
There were 7.13m taxpayers of pension age for the 2022/23 tax year, a 6% increase year on year, according to the latest data from HMRC.
State Pension rise to push 340,000 into income tax net
An estimated 340,000 more pensioners will pay income tax on their State Pension next year due to the Triple Lock pushing up the State Pension above inflation.
£250,000 estimated cost to replace a State Pension
New calculations from pension provider Aegon reveal that it would cost £250,000 to buy a lifetime guaranteed income to match the current state pension payout.
Higher inflation for working families puts pressure on Triple Lock
Higher inflation data for non-retired households released today by the Office for National Statistics could put pressure on the pensions Triple Lock pledge, according to consultancy Broadstone.
Pension experts criticise Tory 'Triple Lock Plus' plan
Pension experts have criticised the Conservatives' pledge to raise the tax-free pension allowance via a ‘Triple Lock Plus’ if they win the general election.
Give some State Pensioners early access - Aegon urges
Pension provider Aegon has urged the Government to consider a more flexible State Pension age and allowing early pension access to some people amid fears of further “significant” increases in the State Pension age up to 74 and the risk it could cause harm to many.
Ombudsman tells DWP to pay WASPI compensation
The Parliamentary and Health Service Ombudsman has called on the Department for Work and Pensions to consider paying compensation to women born in the 1950s hit by the increase in the State Pension age.
State pension age needs to be 71 by 2050, says ILC
The UK will have to increase the state pension age to 71 by 2050 to maintain the number of workers per retiree, according to a new report from the International Longevity Centre UK.
Britons to work longer due to insufficient retirement savings
Half (49%) of workers in the UK plan to work beyond State Pension age, with the average expected retirement age of 72.