The Government have protected the Triple Lock, introduced in 2011, and will uprate the State Pension by 8.5 per cent in April 2024 in line with average earnings growth, meaning pensioners will receive up to £900 more a year. Indeed, from 1 April 2024, we will have increased the basic State Pension by £3,700 since 2010, in cash terms – which is £990 more than if it had been uprated by prices, and £1,000 more than if it had been uprated by earnings since 2010.
On top of this, the Government has delivered nearly 12 million Winter Fuel Payments and Pensioner Cost of Living Payments to pensioners this winter, helping to protect the most vulnerable. 11.9 million payments, worth £4.8 billion, have been made to pensioners across the UK, providing vulnerable households up to £600 to help with their energy bill this winter.
But a number of constituents with modest personal pensions have contacted Greg Smith MP, concerned that fiscal drag has brought them into paying some of that private pension in income tax - a point he made to the Pensions Minister this afternoon.
