What are the different types of pensions? (1)
HUNDREDS of thousands of retirees are set to pay tax on their state pension for the first time next year.state pensionuntil 2028, this increase will drag even more pensioners into paying tax for the first time, it has been warned.Dates for Christmas returns as shops extend policies including Tesco and B&M
"Retirees already receiving a higher state pension may already be paying tax on the benefit, while those receiving a private pension income will see more of that swallowed up by tax."She said: "While the full new state pension is currently set at £11,502 and is set to get close to £12,000 fromApril it’s conceivable that in the next two years we could see it breach the £12,570 threshold and see pensioners landed with a tax bill.
"There have been concerns about pensioners being chased for small amounts of tax though HMRC has said they would not look to chase tax amounts that would cost more to collect than is actually owed."Laura Suter, director of personal finance at AJ Bell, previously told The Sun: "Pensioners looking to reduce their tax bill need to think about how they can maximise their tax-free income.
The finance expert added: "A full new state pension hits just over £11,500 per year and even relatively modest 3.5% annual increases would see people pushed over the threshold by the time the threshold freeze ends."AT the moment the current state pension is paid to both men and women from age 66 - but it's due to rise to 67 by 2028 and 68 by 2046.Workers must have 35 qualifying years of National Insurance to get the maximum amount of the new state pension.
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