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Re: Starmer’s chronicles
Quote:
Originally Posted by Damien
Yes, that's what I mean, but soon the state pension alone will go over the personal allowance. Or are you saying it already does?
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For some people who had accumulated additional State Pension, it already does - in my case, any amount over £12,750pa in the State Pension is taxed using a K code on another pension income.
https://www.which.co.uk/money/pensio...s-aBlEx9M8XXWY
Quote:
After 6 April 2016, you might get more than the full level of new state pension (£230.25 in 2025-26) if you've built up a certain amount of additional state pension.
The new state pension is paid as a single amount, but part of your payment which is above the full level of new state pension of £230.25 is called your 'protected payment' and reflects the additional state pension that you've accumulated.
Protected payments increase in line with inflation, as measured by the Consumer Price Index.
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