UK State Pension to Increase by 8.5% in April 2024

Despite the 'triple lock' policy boost, pensioners express concern over frozen tax thresholds leading to higher tax bills.

The UK government has announced an 8.5% increase in the state pension, in line with the 'triple lock' policy, which will take effect in April 2024.
The 'triple lock' policy ensures that the state pension rises each year by the highest of inflation, average wage growth, or 2.5%.
Despite the increase, some pensioners argue that the frozen tax thresholds will lead to higher tax bills, undermining the boost in state pension.
The new full state pension will surpass £11,000 a year for the first time ever, rising to £11,502 from the current payment of £10,600.
Critics argue that the 'triple lock' policy is not sustainable in the long term, and the government's decision to maintain it may be influenced by the upcoming election.