The state pension is set to fall into a stealth tax trap next April. The full new state pension is currently £12,548 a year, but the threshold at which people start paying income tax is frozen at just £12,570 until at least 2030.
This means the triple lock promise will inevitably push payouts over the basic rate tax threshold next year. While the government plans to let some retirees off the hook, experts warn this ‘flawed’ sticking plaster will only help one in 18 pensioners.
Watch the video above to explore the looming crisis – and the Pandora’s box that politicians are
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