How Prime Minister Keir Starmer's policies could impact retirees and their pension pots
Winning over pensioners has been key in the run-up to the general election. With the Labour party now confirmed as the next government, many retirees will want to know what this means for them.The Labour Party has committed to keeping the state pension triple lock in place once it forms a government.
Tax thresholds are currently frozen until 2028, which means that if the full new state pension keeps rising from its current level of £11,542 per year, many pensioners who rely on it as their only income could end up being above the threshold, and have to pay income tax. The removal of the allowance, which came into effect in April last year, was welcomed by wealthier savers, including seniorRachel Reeves, then shadow chancellor, announced the day after the Budget that a Labour government would reverse this move, but this sparked aSir Steve Webb, former Liberal Democrat pensions minister and consultant at LCP said: “The absence of a commitment in the Labour manifesto to reintroduce the Lifetime Allowance is very different to the presence of a commitment not to...
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