State Pension Hits Tax Threshold | Sheffield News

Pensioners are facing a tax shock as the state pension climbs dangerously close to the tax-free threshold—nearly 820,000 could owe income tax on their pension alone by 2027-2028. Driven by the triple lock, the pension now sits at £12,547.60, just £23 shy of the personal allowance. Experts warn any changes must be handled with extreme care to avoid confusion and avoid pitting pensioners against younger workers struggling with unemployment or inactivity. While inflation protection remains vital for those reliant solely on state pensions, the triple lock isn’t permanent—and private savings offer crucial flexibility and security for retirement, no matter what future governments decide. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/1b3cab4836014e4f