The full new DWP State Pension is set to rise by more than 4.1 per cent from April
From April next year, pensioners can expect a 4.1% increase in their New and Basic State Pensions, with additional components seeing a 1.7% rise, adhering to the Triple Lock mechanism. This system assures annual increases matching the highest of three statistics: average earnings growth at 4.1%, CPI inflation at 1.7%, or a set 2.5%.
Moreover, the Personal Allowance is set to stay fixed at £12,570 until the beginning of the fiscal year 2028/29. Those receiving the full New State Pension – presently £11,502 for the tax year 2024/25 – will see it go up to £11,973 in 2025/26. For most, taxes are deducted automatically via PAYE for employment income and private pensions; nevertheless, those not paying through these means will get a tax bill from HMRC in the summer and must pay by the subsequent January, as detailed by the Daily Record, reports The Express.
This isn't a recent development. With the 12th year of auto-enrolment in workplaces now in progress, more people are poised to enjoy increased income during retirement and will likely pay tax, typically deducted from their private pension.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New way for people over State Pension age to claim Attendance Allowance from DWPMore than 1.6 million State Pensioners are getting either £72.65 or £108.55 each week through Attendance Allowance.
Read more »
New DWP payment rates from April for State Pension, PIP and other benefitsThe new payment rates will start on April 7, 2025.
Read more »
New call to increase DWP Christmas Bonus to £20 for people on State Pension or benefitsThe annual Christmas Bonus has been £10 since it launched in 1972.
Read more »
Full list of new DWP payment rates from April for State Pension, PIP and other benefitsFind your new weekly payment rate before DWP sends out annual uprating letters in March.
Read more »
DWP issues new warning to every person on State Pension or benefitsDWP is urging people to watch out for fake text messages designed to steal personal and financial date.
Read more »
DWP warning to State Pension, PIP and Universal Credit claimantsThe DWP has issued an urgent warning to millions of people in the UK as it fears Brits could be targeted by text scams.
Read more »