Future of State Pension Triple Lock is 'difficult decision’ for UK Government

Belgique Nouvelles Nouvelles

Future of State Pension Triple Lock is 'difficult decision’ for UK Government
Belgique Dernières Nouvelles,Belgique Actualités
  • 📰 Daily_Record
  • ⏱ Reading Time:
  • 57 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 89%

There is also speculation that the State Pension age could increase a decade earlier than planned.

The cost of living crisis is set to continue into 2023 making it important for everyone nearing retirement age, or those already drawing their State Pension, to understand the implications of changes that could affect savings, pensions and investments.

State Pension Triple Lock The State Pension Triple Lock, the guarantee which increases State Pensions by the highest of Consumer Price Inflation , earnings increases or 2.5% each year, is being honoured in April. Steven explained: “There’s a big question over whether the Triple Lock can be sustained in future years, when both price inflation and earnings growth are high and subject to sharp changes.

Steven said: “The State Pension is a significant part of most people’s retirement income so it’s important to understand when you’ll receive it so you can plan ahead to make sure you have adequate private or workplace pensions.”Freezing the income tax thresholds With inflation particularly high, and pay increases for many also higher than in recent times, the freezing of income tax thresholds again in April will mean more people find a wage increase takes them into a higher rate tax band.

Essentially this means making a higher contribution to your workplace pension which would then bring your earnings under the higher income tax threshold, resulting in higher take home pay over the year.

Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

Daily_Record /  🏆 9. in UK

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

New way for people of State Pension age to claim £3,500 annual income boostNew way for people of State Pension age to claim £3,500 annual income boostA successful claim for Pension Credit could also qualify for the £900 means-tested cost of living payment due in 2023/24.
Lire la suite »

1 in 4 would risk losing state pension under recommendation1 in 4 would risk losing state pension under recommendationThe controversial report didn't go down well with readers
Lire la suite »

Pension Credit myths which stop older people claiming £3,500 annual top-upPension Credit myths which stop older people claiming £3,500 annual top-upDWP estimates nearly one million people of State Pension age could be entitled to the passport benefit.
Lire la suite »

Elderly woman fears for future after Shropshire law firm that holds her will closes abruptlyElderly woman fears for future after Shropshire law firm that holds her will closes abruptlyA customer of a law firm that was shut down and will be investigated after running into financial trouble says she is desperately worried about what happens to her will.
Lire la suite »

Preston residents asked for views on future housing developmentPreston residents asked for views on future housing developmentPreston residents and businesses are being asked for their views on where future development should take place as a new local plan is drawn up for Central Lancashire 🏘️
Lire la suite »



Render Time: 2025-03-22 05:02:17