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 …

State pension likely to rise 8.2% to almost £11,500 ahead of election

Another bumper increase in the state pension could follow 10.1% hike last April Wage inflation was 8.2 per cent in May-July in official data released today The full rate state pension could top £220 a week if earnings growth sticks at its current 8.2 per cent, as pundits reckon the Government is highly unlikely to break the triple lock pledge …

Just’s annuity sales at highest since pension freedoms

First-half sales up 54% as higher interest rates boost annuity offering. Pension provider Just Group saw its best six months for annuity sales since the introduction of pension freedoms on the back of rising rates. Half-year results published this morning showed that in the first half of 2023, Just’s guaranteed income for life sales grew by 54% from £305m last …

HMRC docs threaten ability to inherit pension pots free of income tax

A potential big change made ‘through the back door’ A bundle of complex tax consultations published yesterday contained a potential bombshell for anyone expecting to inherit a pension pot free of income tax, Lane Clark & Peacock (LCP) says. Yesterday (18 July), HM Revenue & Customs launched a consultation on changes to pension taxation that could result in ordinary taxpayers having to …

Quilter calls for pension transfer warning rethink over ineffective data

Government data shows 40% of pension transfer amber warnings are for unknown reasons, making it hard to understand whether the system is working. Quilter is calling for clarity around the government’s new pension transfer rules after finding 40% are flagged and delayed by trustees for unknown reasons. According to freedom of information (FOI) data obtained by Quilter, 6,050 (43%) of …

Government confirms delay in bringing forward state pension age

The government will now delay making a decision until after the next general election. The government has confirmed today that it will not bring forward the date the state pension age will rise. At present, the state pension age is 66 and on current plans is set to rise to 67 by 2028 and to 68 between 2044 and 2046, …