Older Britons are preparing to receive a 4.8 per cent payment rate boost to their state pensions next year, which will see the full, new amount from the retirement benefit exceed £12,000 for the first time.
Analysts note this bring the state pension close to the personal allowance, which is the amount people can earn without paying tax to HM Revenue and Customs (HMRC).
Thanks to the triple lock, which is the mechanism used to determine annual state pension rate hikes, payments are expected to exceed the tax-free allowance by 2027.
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