State pensioners given £313 warning over increase which could see them paying tax

manchestereveningnews.co.uk:

The Department for Work and Pensions (DWP) has revealed that nearly 12.7 million people in Great Britain are of State Pension age.

However, Adam Pope, a retirement expert from Spencer Churchill Claims Advice, has cautioned that close to two million individuals over the State Pension age will experience the financial effects of the Personal Allowance freeze within the next four years (by 2028).

Currently, about 8.1 million (64%) of these individuals pay tax in retirement, primarily due to supplementary income from workplace or private pensions on top of their State Pension.

It is predicted by Spencer Churchill that almost 900,000 more people will surpass the Personal Allowance threshold of £12,570 during this financial year.