Displaying items by tag: State Pension

An estimated 340,000 more pensioners will pay income tax on their State Pension next year due to the Triple Lock pushing up the State Pension above inflation.

New calculations from pension provider Aegon reveal that it would cost £250,000 to buy a lifetime guaranteed income to match the current state pension payout.

Higher inflation data for non-retired households released today by the Office for National Statistics could put pressure on the pensions Triple Lock pledge, according to consultancy Broadstone.

Pension experts have criticised the Conservatives' pledge to raise the tax-free pension allowance via a ‘Triple Lock Plus’ if they win the general election.

Pension provider Aegon has urged the Government to consider a more flexible State Pension age and allowing early pension access to some people amid fears of further “significant” increases in the State Pension age up to 74 and the risk it could cause harm to many.

The Parliamentary and Health Service Ombudsman has called on the Department for Work and Pensions to consider paying compensation to women born in the 1950s hit by the increase in the State Pension age.

The UK will have to increase the state pension age to 71 by 2050 to maintain the number of workers per retiree, according to a new report from the International Longevity Centre UK.

Half (49%) of workers in the UK plan to work beyond State Pension age, with the average expected retirement age of 72.

Chancellor Jeremy Hunt’s National Insurance (NI) cuts, which come into effect on Saturday, could hit the future funding of the state pension and current triple lock.

A major new study has found that a quarter of people (24%) are in the dark about the age they will receive their State Pension - including 10% of those aged 55 to 64.