STATE PENSIONERS ISSUED £1,275 WARNING DUE TO TRIPLE LOCK RULE U-TURN

State pensioners will miss out on a £1,275 perk, they have been warned. After the Labour Party won the General Election last week, with Sir Keir Starmer beating the Conservative Party, state pensioners have been warned they won't receive the Triple Lock Plus pledge from the Tories.

The Tories promised to raise the tax-free pension allowance via a "Triple Lock Plus" if they win the general election. Under the plans, the personal allowance for pensioners will increase at least 2.5% or in line with the highest of earnings or inflation.

At present, a full new State Pension is worth around £11,500 per year and the income at which everyone – working people and pensioners – start paying Income Tax is £12,570. Those who are entitled to a full new State Pension who also have a workplace or private pension income of less that £1,275 per year do not currently pay income tax but rises in the State Pension due to the Triple Lock put them at risk of doing so in the future.

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The plans announcedby the Conservative Party, if they win the General Election, would ensure this group of pensioners will never face paying income tax. Pensioners who have a full new State Pension and an annual workplace or private pension income of over £1,250 are currently liable for paying Income Tax.

However, the Conservative Party’s plans would result in them paying less tax in future as the income at which they would pay tax would rise in line with the State Pension Triple Lock. Prime Minister Rishi Sunak said the scheme "shows we are on the side of pensioners," who the Tories say will save £275 by 2030.

Currently, there’s a freeze until 2027-2028 in the personal tax allowance at £12,570 a year – the amount you can earn before you must pay income tax. Rishi Sunak said: "I passionately believe that those who have worked hard all their lives should have peace of mind and security in retirement. Thanks to the Conservatives' Triple Lock, pensions have risen by £900 this year and now we will cut their taxes by around £100 next year.

"This bold action demonstrates we are on the side of pensioners. The alternative is Labour dragging everyone in receipt of the full state pension into income tax for the first time in history."

2024-07-09T08:51:38Z dg43tfdfdgfd