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State pensioners are set to be punished by a stealth tax. T hanks to the Triple Lock pledge from the Labour Party government and Department for Work and Pensions (DWP), state pension payments are guaranteed to rise every year.

State pensioners are line to be "punished by a stealth tax" in the years to come as a result, though. Nigel Green, the chief executive of deVere Group, said: "The state pension is now almost level with the personal allowance."

"If nothing changes, the state pension will overtake the personal allowance entirely within a few years," Mr Green explained. "That would make every pound of additional income taxable for millions."

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Mr Green characterised this phenomenon as a "stealth tax"

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