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New Labour MP DWP state pension 'not enough' update
New Labour MP DWP state pension 'not enough' update Under the current system, the full new state pension is worth up to £241.30 weekly Brits nationwide have been cautioned that they may need to prepare more comprehensively for life after retirement. Millions of employees are being alerted they "cannot rely on the state pension" alone to finance their retirement as new research reveals the extent of Britain's impending pensions shortfall. The stark warning came from senior Labour MP Debbie...
DWP reminder to check State Pension age as rise to 67 begins
DWP reminder to check State Pension age as rise to 67 begins The State Pension age is gradually increasing from 66 to 67 Brits are being urged to check their State Pension age as the long-awaited increase from 66 to 67 is now under way. The change commenced in April and means people born in the early 1960s may not retire at 66, with their State Pension age instead determined by their date of birth. The State Pension age is rising from 66 to 67 between now and March 2028.
State pension alert as claimants 'edging closer' to HMRC tax liability
State pension alert as claimants 'edging closer' to HMRC tax liability The qualifying rules for the state pension are currently changing A major tax reform is set to be implemented shortly, impacting state pensioners. The key policy change will change the tax burden for certain pensioners. Labour announced in the Autumn Budget 2025 that it would change the tax allowance rules so that those receiving only the state pension without additional increments would be exempt from income tax.
State pension rise to 67 in June for people born in these years
State pension rise to 67 in June for people born in these years The state pension age is the earliest date you can get your state pension but millions of people will now have to wait longer to claim The state pension age is rising to 67 - with millions of retirees being impacted. The state pension age is the earliest date you can claim your state pension.
Treasury statement on major change to tax on the state pension
Treasury statement on major change to tax on the state pension State pension payments increase each year in line with the triple lock The Treasury has issued a statement about tax on the state pension ahead of a major change coming in soon. The Government announced a new policy on the issue in last year's Autumn Statement. As the state pension increases each year in line with the triple lock, more pensioners are being dragged into paying income tax.
State pension HMRC alert as millions could end up paying more
State pension HMRC alert as millions could end up paying more Growing numbers of state pensioners may face HMRC tax bills A HMRC levy affecting millions of state pensioners has been condemned by a prominent union. Growing numbers of state pensioners may face HMRC tax bills due to fiscal drag, with the triple lock - which guarantees an annual state pension rise - pushing them closer to the tax-free allowance threshold. The personal tax allowance has remained frozen at £12,570 since 2021 -...
Grandparents could claim £6,000 State Pension boost from HMRC
Grandparents could claim £6,000 State Pension boost from HMRC The pension top-up is worth around £300 a year Grandparents looking after their grandchildren could be entitled to additional money on top of their pension. Older individuals caring for children under 12 during term-time or school holidays may qualify to boost their State Pension payments through Specified Adult Childcare. Specified Adult Childcare can enhance your pension by more than £6,000 over a typical 20-year retirement by...
New pensioner '£2,100' alert as 'you may need to put more aside'
New pensioner '£2,100' alert as 'you may need to put more aside' The retirement living standards are produced by academics at Loughborough University Brits aiming for a secure retirement now face even steeper costs, according to fresh data. Analysis highlighted by Which? Money revealed that a 'comfortable' retirement for a couple now requires £62,700 annually – up £2,100 from last year's £60,600 – as escalating food, household and transport expenses continue to strain pension pots.
Let young Britons access state pension early and retire later, think tank urges
Let young Britons access state pension early and retire later, think tank urges Those under 40 could withdraw a £12,500 lump sum under the proposals - Bookmark - CommentsGo to comments Young Britons should be allowed to withdraw a years’ worth of their state pension early to help those who cannot rely on “the bank of mum and dad”, a think tank has said. Researchers say the so-called “Citizens Advance” would be a “transformative” policy for those aged 18 to 40 who are struggling with issues...
Key free pensioners TV licence update as DCMS issues 'new concessions' statement
Key free pensioners TV licence update as DCMS issues 'new concessions' statement Government officials responded saying it was considering changes after support soared for all people over 66 to be given it for free The Government has given a big update to campaigners pushing for all people who get a state pension to be given free television licences. The Department for Culture Media and Sport has issued a new statement on the issue - and admitted it was ‘keeping an open mind’ for ‘new...