New State Pension ‘Triple Lock Plus’ will not increase monthly payments for nearly half a million older people
dailyrecord.co.ukThe Conservative Party manifesto confirms that a General Election win on July 4 will see the introduction of the ‘Triple Lock Plus’, a new measure that will ensure the Personal Allowance - which has been frozen at £12,570 since April 2021 - rise in-line each year with the Triple Lock.
This guarantee would mean that the Personal Allowance is always higher than the maximum rate of the New State Pension, which is now worth £11,502 annually.
The Triple Lock Plus is designed to prevent older people, whose sole income is the New State Pension, from being dragged into the tax net.
The measure is forecast to cost £2.4 billion over the course of the next parliament. However, while the new guarantee will ensure payments rise for more than 12.5 million pensioners living in the UK, the International Consortium of British Pensioners (ICBP) estimates that 450,000 retirees living abroad will not benefit from it.
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