July 2025
09Jul

UK. OBR report highlights the unsustainable burden the triple lock will place on taxpayers

Many retirees rely significantly on the State Pension to sustain their standard of living, particularly amid persistently high inflation and interest rates. Yet, while its role in safeguarding older generations is well-meaning, the long-term fiscal implications of the triple lock cannot be ignored. The Office for Budget Responsibility (OBR) has now forecast the cost of moving from an earnings-link in 2012 to the triple lock uprating mechanism is set to reach £15.5 billion annually by 2030, three times higher...

July 9, 2025
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May 2025
28May

UK Government to make getting full State Pension simpler with specific changes

The Check Your State Pension forecast service aids those wishing to make voluntary National Insurance contributions to fill gaps in their National Insurance record, and Treasury Minister James Murray has confirmed that changes will enhance the service. In a written statement to Parliament, he recently detailed a series of new simplified measures and updated guidance for the self-employed, those paying the High Income Child Benefit Charge, and anyone who wishes to maximise their State Pension by purchasing voluntary National Insurance Contributions. "The government also intends to further...

May 28, 2025
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April 2025
08Apr

UK. DWP secretary Liz Kendall makes Triple Lock state pension announcement

Department of Work and Pensions Secretary Liz Kendall has made an announcement on the future of the state pension Triple Lock as pensioners get a 'pay rise' today. Millions of pensioners will receive as much as £470 more a year added to their State Pension from today because of the pensions Triple Lock. The Triple Lock – which guarantees that the State Pension increases annually by the highest of inflation, average earnings growth or 2.5% – means the basic and...

April 8, 2025
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07Apr

State Pension Rates to Rise for Over 12 Million UK Pensioners Starting April 2025

From Sunday, April 6, 2025, over 12 million UK pensioners will see their weekly State Pension payments increase, as new rates are introduced. The full new State Pension will rise from £221.20 to £230.25 per week, offering an annual boost of £470 for those receiving the full payment. This increase is part of the government’s annual review, which adjusts pension rates each year on the start of the new tax year. The decision to raise these payments comes after careful consideration of inflation,...

April 7, 2025
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February 2025
10Feb

UK. MPs approve £6.9bn hike in spending on pensions and benefits

MPs today approved a £6.9billion hike in spending on state pensions and benefits from April. Orders supported by the House of Commons included a 4.1 per cent increase to the state pension under the terms of the 'triple lock'. This ensures payments rise each April in line with whichever is highest out of average earnings growth, inflation or 2.5 per cent. The increase for 2025/26 was pegged to wages, which rose by 4.1 per cent in the relevant period last year. It means, from...

February 10, 2025
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November 2024
14Nov

UK. HMRC issues National Insurance act fast warning to boost State Pension before cut-off date

The deadline for those impacted by new State Pension transitional arrangements is fast approaching HM Revenue and Customs bosses have issued a message to people to act ahead of a looming deadline. HMRC officials have disclosed that more than 10,000 payments, amounting to £12.5 million, have been made through the new digital service to boost individuals' State Pensions since its launch in April. With less than six months left to address any National Insurance (NI) record gaps dating back to...

November 14, 2024
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October 2024
17Oct

UK government faces “extra GBP100 million bill” for state pension rise

The UK government is facing an extra GBP100 million bill for next year's state pension increases following revised official figures published on Tuesday, according to a former pensions minister. Under the triple lock guarantee, the state pension increases every April in line with whichever is the highest of earnings growth in the year from May to July of the previous year, CPI (Consumer Prices Index) inflation in September of the previous year, or 2.5%. With inflation running at more subdued levels,...

October 17, 2024
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10Oct

UK. People have less than six months to make a vital pension change

People have less than six months left to fill gaps in their national insurance (NI) record from 2006 to maximise their state pension. More than 10,000 payments worth £12.5 million have already been made through a new digital service to boost people’s state pensions since it launched in April, HM Revenue & Customs (HMRC) has revealed. The service lets people check for gaps in their NI record, calculate if making a payment would increase their state pension, and then make...

October 10, 2024
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July 2024
12Jul

UK. State pensioners issued major update over DWP starting to ‘means testing’

State pensioners have been told the Department for Work and Pensions (DWP) State Pensions payments "can't be means tested". A former DWP employee says means-testing will never happen due to the complexity of the contributory benefit. The insider told the Daily Record: “What is overlooked is the fact that people pay cash into the State Pension scheme in the form of Voluntary Contributions. So you are not going to pay cash into a scheme unless you are entitled to the payment of...

July 12, 2024
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May 2024
28May

UK’s Sunak proposes tax cuts for pensioners in new election pledge

British Prime Minister Rishi Sunak on Monday proposed tax cuts for millions of pensioners in his latest campaign pledge, highlighting the importance of older voters in the upcoming July election. Sunak's Conservative Party said it would introduce a new age-related allowance and deliver a tax cut of around 100 pounds ($128) for each of 8 million pensioners in 2025, rising to almost 300 pounds a year by the end of the next parliament. "This bold action demonstrates we are on the...

May 28, 2024
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