The number of pensioners paying tax will increase by over half a millionstate pension combined with the ongoing freezing of tax thresholds.
As it’s almost certain that the wage data will be the highest, it means pensioners can look forward to a bumper increase to their pension next April. But the downside is that even more pensioners will be dragged into paying income tax as a result, or those who already were paying will see bigger bills from HMRC.
“Today’s figures for earnings growth are likely to mean a second successive significant cash increase in the value of the state pension, following on from this year’s 10.1 per cent increase,” said Steve Webb, spokesperson for LCP.
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