Millions of state pensioners to get £1,900 boost
Ministers said the pledge was part of the state pension triple lock policy, which guarantees annual rises to payments.
Pension payments are going to increase under triple lock
(Image: Catherine Delahaye via Getty Images )
Millions of state pensioners are in line for an increase to their payments totalling roughly £1,900 over the ensuing years. Ministers have said that the promise comes as part of the state pension triple lock scheme, a policy that ensures annual increments in pension payments.
The triple lock 's terms see payments escalate based on the highest of either inflation, wage growth, or 2.5%. While exact figures will be confirmed closer to year-end, ministers foresee annual increases providing an extra £1,900 to state pensioner income by the year 2029.
This news emerges amidst critique targeting the frozen personal allowance tax threshold, implicated in dragging more pensioners into the income tax net, reports Birmingham Live.
James Murray, the UK Exchequer Secretary to the Treasury
(Image: Anadolu via Getty Images )
James Murray, Exchequer Secretary to the Treasury, recently remarked: "In 2025-26 the personal allowance will continue to exceed the basic and full new state pension." For money-saving tips, sign up to our Money newsletter here
The announcement comes amidst criticism on other policies
(Image: stocknshares via Getty Images )
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Clarifying further, he said: "That means that pensioners whose sole income is the full new state pension or basic state pension without any increments will not pay any income tax."
Murray emphasised: "The state pension continues to be the foundation of support available to pensioners, backed by the Government's commitment to the triple lock.
He added details about this year's benefits: "This year, over 12 million pensioners have benefited from a 4.1% increase to their basic or new state pension, which means that those on the full new state pension will get an additional £470."
Ministers predict annual increases providing an extra £1,900 to the income of state pensioners by 2029
(Image: Peter Dazeley via Getty Images )
He explained that the government supports pensioners through other means as well.
He said: "Over the course of this Parliament, the yearly amount of the full new state pension is currently projected to go up by around £1,900, based on the latest forecast from the Office for Budget Responsibility.
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"The Government also support pensioners through a range of other means, including free eye tests, NHS prescriptions and bus passes.
"For pensioners who are eligible for means-tested support, we provide pension credit and housing benefit."
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