More than one in five of all pensioners have State Pension in excess of the £12,570 Personal Allowance.
A former Liberal Democrat pensions minister has said that around 2.5 million older people could still pay tax on their State Pension if the Conservatives' proposed 'Triple Lock Plus' policy is put in place.
New research from consultants LCP indicates significant differences in the amount of State Pension that people receive. It said that a focus on the standard New State Pension may miss a significant group of pensioners who receive significantly more than the standard amounts. Top Money Stories Today LCP said the Old State Pension system was complex, with some people also receiving additional State Pension money. The New State Pension system is designed around a standard rate, but even under this system, some pensioners may receive more than the standard amount, due to transitional measures ensuring that people who had built up pensions under the old rules could retain their entitlements.
This is made up of just over two million older people on the Old State Pension system - plus around a third of a million pensioners on the New State Pension who are receiving pensions above the income tax allowance threshold. "The reality is that the amounts which pensioners receive vary hugely, from a few pounds a week to hundreds of pounds a week.
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