DWP triple lock alert as state pension expected to rise 4.8% in Autumn Budget

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Significant alterations to tax allowances for state pensioners could be coming in the Autumn Budget. Chancellor Rachel Reeves is anticipated to confirm the triple lock mechanism for next year's state pension increase. ‌

This policy guarantees payments rise according to whichever figure is highest: 2.5 per cent, average earnings growth, or inflation. A major concern regarding these rising payments is that the full new state pension is nearing the threshold of exhausting the entire personal allowance. ‌

The standard allowance allows an individual to earn up to £12,570 annually without paying income tax, reports Yorkshire Live . Nevertheless, the full new state pension currently provides £221.20 weekly, equivalent to £11,973 per year. ‌

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