According to the latest numbers, pensioners in the United Kingdom may have paid £1.01 billion more in pension tax than they should have. HMRC has charged extra tax on early withdrawals from a ‘defined contribution’ pension account after pension flexibility regulations were implemented in 2015. In this situation, HMRC would issue an emergency tax rate … Read more
Millions of Britons may have to work longer as the retirement age approaches 70, according to a top think group. According to the Institute for Fiscal Studies, the state pension age could be raised by four years as the government struggles to control public finances. In 2050, a state pension age as high as 70 … Read more
The Prime Minister brought up Sir Keir’s pension tax benefit as the head of the Crown Prosecution Service during their monthly Commons sparring session. During PMQs yesterday, Rishi Sunak mocked Sir Keir Starmer for producing his customised pension agreement from his time as Director of Public Prosecutions (DPP). The Prime Minister laughed as he brandished … Read more
Millions of households in the United Kingdom have only three months to check and collect tens of thousands of pounds in additional state pension. Last month, the government extended the deadline for Britons to fill gaps in their national insurance contributions in order to increase state pension benefits. The extension was necessary because to government … Read more
Retirees will receive their highest increase in state pension payments beginning today, but claimants will still be worse off. Retirees will now be entitled to £203.85 per week, up from £185.15 under the state pension triple lock, which sees payments rise by the highest of inflation, average earnings, or 2.5 percent. This equates to a … Read more
The House of Commons has announced a review of raising the state pension age, which could affect millions of Britons. Mel Stride, the Work and Pensions Secretary, briefed MPs on the latest statutory review of the retirement age. The state pension age was set to rise to 68 in 2044, but reports earlier this year … Read more
The government has decided not to move forward with plans to raise the state pension age. The state pension age, which is currently 66, will be raised to 67 by the end of 2028. It was then expected to gradually increase from 67 to 68 between 2044 and 2046. However, ministers were eager to push … Read more