Thousands of pensioners will be just £22 away from paying income tax for the first time, as the state pension is expected to rise by more than previously expected.

The state pension is likely to be increased in line with wage growth figures, under the triple lock agreement, which has been revised upwards to 4.8 per cent, according to new Office for National Statistics (ONS) data.

As this figure is likely to exceed both inflation and the 2.5 per cent floor of the triple lock formula, this means that the state pension is set to rise by 4.8 per cent next April – up from the previous estimate of 4.7 per cent.

This means those on the new state pension will receive £12,547.60 annually, an increase of £574.60, putting them just £22.40 away from hitting the personal tax allowance.

This

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