State pension rises by 4.1% but hundreds of thousands face being taxed

The state pension has increased thanks to the triple lock, but frozen tax bands means more pensioners will start to pay tax.

Older woman looking at her laptop
(Image credit: 10'000 Hours via Getty Images)

The state pension has increased by 4.1%, boosting the income of 12 million retirees, but frozen tax thresholds mean hundreds of thousands of pensioners will be dragged into the tax net.

The full new state pension is now £11,973 per year, or £230.25 a week.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Ruth Emery
Contributing editor

Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.

She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times. 

A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service. 

Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.

With contributions from