- UK pensioners are on course for a 3.9 per cent state pension increase next April after wage growth outpaced the latest inflation rate of 3.5 per cent.
- The rise will push the full new state pension to £250.70 a week, or around £13,036 annually, surpassing the frozen £12,570 personal tax allowance for the first time.
- Although those reliant solely on the state pension will be exempt from income tax, pensioners with private pensions or additional income may face tax liabilities.
- Prime minister Andy Burnham plans to adjust the triple lock from April 2030 to help fund a new National Care Service in England while maintaining pension value.
- Financial experts have warned of soaring state pension costs, calling for long-term clarity and measures to boost personal retirement savings.
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