Related topic: Triple lock

The rise takes the annual benefit just £23 under the frozen personal allowance threshold and will drag more retirees into paying income tax next year.

Existing figures assume that the state pension ‘triple lock’ remains in place for the next fifty years.

The increase is likely to cause more pensioners to be liable for income tax given.

The report suggests replacing the triple lock with average earnings growth.

The change will add £361 a year to the old basic pension and £473 to the new state pension.

With most pensioners paying tax, and more than half next year’s rise simply keeping pace with inflation, most pensioners will still be worse off overall in real terms if they...

Just over 1 in 5 of all pensioners have state pensions above the income tax threshold.

When given four options, 39% selected the incorrect definition of the three factors that make up the triple lock, while 26% admitted they did not know.

Pensioners would get a personal tax allowance that rises in line with the triple lock under the new scheme.