State Pension is on track for another bumper boost under the Triple Lock.
Some 12.6 million older people could be set for a bumper State Pension increase next April under the Triple Lock policy, but experts have warned that many more could now be dragged into paying tax.
The Prime Minister’s official spokesman said: “We remain committed to the Triple Lock and we will ensure that the State Pension remains sustainable and fair across generations while providing security and dignity in retirement for millions of people across the country.” Sir Steve Webb, a former pensions minister who is now a partner at LCP , said: “Today’s figures for earnings growth are likely to mean a second successive significant cash increase in the value of the State Pension, following on from this year’s 10.1% increase.
With the personal tax threshold due to be frozen again at £12,570 next year, a large pension rise, coming on top of last year’s 10.1 per cent rise, could see many more pensioners paying income tax.
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