Older Britons are increasingly being taxed on their state pension. What can be done to stop it? More voters are becoming increasingly aware of the impact of fiscal drag, when tax allowances are frozen at a time when incomes are rising. Under the triple lock, state pensions rise every year by either by the rate of inflation, average earnings or 2.5 per cent. In April, the full, new state pension jumped to just over £11,500. In comparison, the tax-free personal allowance sits at £12,570. While the retirement benefit has not exceed this amount yet, experts have warned this could happen within the…
