Under the 'triple lock' experts predict State Pensioners will get up to £460 extra a year but there are warnings it will push more over into paying income tax
Thousands of State Pensioners set to get a pension increase of up to £461 a year are facing having to start paying income tax. While the amount pensions will rise is expected to be confirmed by the government under the "triple lock" guarantee it is predicted people on the new State Pension will have £8.80 a week more.
Figures from the Liberal Democrats say 240,000 people face crossing the personal allowance threshold next year making them liable for income tax. Sir Steve Webb, the former Liberal Democrats pensions minister said: "From next year, roughly three in four UK pensioners will have to pay income tax, and just over a third of a million will be dragged into the tax net for the first time since they retired.
It means if you have just £1,000 of additional income over the tax free limit you would have to pay £200 in tax. But those who work are likely to be hit harder - even working for a few hours on minimum wage.
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