Up to 1.6 million more pensioners to pay income tax by 2028

Frozen income tax thresholds will see up to 1.6m more pensioners breaching the £12,570 personal tax threshold by 2028, research suggests. As many as 1.6 million more pensioners will be paying income tax within the next four years due to frozen tax thresholds and the rising value of the state pension, according to the Telegraph. Analysis for the House of …

Retirement Professionals Up to 1.6 million more pensioners to pay income tax by 2028

Autumn Statement 23: Jeremy Hunt sets out ‘pot for life’ pension reforms

Chancellor pledges to give workers the legal right over where employers pay contributions Chancellor Jeremy Hunt has announced he will consult on “pot for life” pensions reforms. In the Autumn Statement today (22 November) Hunt said the government would consult on giving pension savers a “legal right to require a new employer to pay pension contributions into their existing pension”. …

Retirement ProfessionalsAutumn Statement 23: Jeremy Hunt sets out ‘pot for life’ pension reforms

Autumn Statement: State pension to rise 8.5% as triple lock confirmed

Chancellor decides to keep triple lock in place. The state pension is set to rise by 8.5% from April 2024, as chancellor Jeremy Hunt confirmed the triple lock remains in place in today’s Autumn Statement. ‘We honour our commitments to the triple lock in full,’ said Hunt. In the run-up to the Autumn Statement, there were reports that the government …

Retirement ProfessionalsAutumn Statement: State pension to rise 8.5% as triple lock confirmed

Average annuity rates continue to rise during third quarter

Rates continue to remain ‘well above’ historic low levels Average annuity rates continued to rise in the third quarter of 2023 Q3, according to the Standard Life annuity rate tracker. The tracker, developed by Standard Life, part of Phoenix Group, monitors current average annuity rates across the market for those annuitising at ages 60, 65, and 70. It also shows …

Retirement ProfessionalsAverage annuity rates continue to rise during third quarter

State pension set to rise 8.5% as CPI inflation remains ‘steady’

UK inflation remained steady last month as prices rose 6.7% year-on-year meaning pensioners are likely to get a bumper 8.5% increase in their state pension next year under the triple lock policy. The Office for National Statistics (ONS) said on 18 October that prices had risen by 0.5% between August and September, matching market expectations. Core inflation, which excludes energy, …

Retirement ProfessionalsState pension set to rise 8.5% as CPI inflation remains ‘steady’

State pension to rise 8% next year as govt cost to hit £134bn.

The expected 8% increase for the 2024-25 financial year follows the 10.1% state pension increase this year. The Treasury is set to increase the state pension by more than 8% from next April as record earnings growth looks to exceed inflation, according to the Financial Times. The value of the state pension is determined by the pension triple lock, which …

Retirement ProfessionalsState pension to rise 8% next year as govt cost to hit £134bn.