The full new State Pension is worth £10,600 over the 2023/24 financial year.
Basic and New State Pension payments increased earlier this month by 10.1 per cent for some 12.6 million older people across the country, including around one million living in Scotland. The fist payments after the uprating on April 10 will be a mix of the old and new payment rates.
However, new analysis from Standard Life, part of Phoenix Group highlights that increases will also take them closer to the tax-free Personal Allowance limit. “However, given the substantial State Pension boost, it’s important to be aware of the implications this has in relation to the Personal Allowance which isn’t due to increase until April 2028. The Personal Allowance has remained flat in recent years and will gradually be bringing more and more people into the tax system as result.”
If they do have any ISA savings these are not subject to income tax and could be a useful source of additional income.
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