We are concerned that the triple lock rise in UK State Pensions could pull those with a small pension into paying tax. We believe that if the triple lock was to rise by, for example, £400 above the tax threshold, that the tax threshold for pensioners should rise by £400.
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This could effectively reduce the unfair impact of the triple lock rise. We feel it’s unfair to give effectively a smaller rise in the triple lock if a person has a small private pension. This would be the case if tax had to be paid on it. We believe the fairest way is to increase tax thresholds for pensioners in line with any rise of the triple lock for UK State Pensions.