State pension rise 650,000 more retirees to pay income tax for first time due to triple lock

The number of pensioners paying tax will increase by over half a million as a result of next year’s increase to the state pension combined with the ongoing freezing of tax thresholds. Figures release by the Office for National Statistics today have shown that average wages grew by 8.5 per cent compared with the previous year. This figure is highly likely to be the rate that determines the increase of the state pension next year as, under the triple lock agreement, the state pension must rise with the highest of three options. These are the rate of inflation, average earnings growth or 2.5 per cent.

https://inews.co.uk/inews-lifestyle/money/pensions-and-retirement/state-pension-rise-retirees-pay-income-tax-triple-lock-2610451

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