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New update on call for Basic State Pension payments to rise to £203 each week

New State Pension payment options for people due to reach DWP retirement age this year

Sky and Freeview users to get a new TV channel next week - but there's one catch

New calls for £550 weekly State Pension pay for every person over 60 nears significant milestone

WASPI women impacted by State Pension age changes could see final report on compensation 'within weeks'

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New State Pension rates next month could see nearly one million older people paying tax in retirement

02.03.2024 - 07:57

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Financial experts from Spencer Churchill are warning that up to 900,000 low-income retirees may face an unexpected tax bill at the end of the next financial year due to income from their State Pension.

Pensioners may have to start setting money aside to pay income tax bills as the personal allowance will remain frozen at £12,570 during the 2024/25 financial year.

Due to the annual State Pension uprating of 8.5 per cent in April, more people in retirement are expected to have an income over the personal allowance.

From April 8, someone on the full New State Pension will see their payments go up from £203.85 per week to £221.20 and as payments are typically made every four weeks, this amounts to £884.80 each pay period.

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