Tories Promise to Raise Tax-Free Pension Allowance but Labour Says Policy Is Not Credible

The Conservatives have promised a so-called triple lock plus deal for pensioners if they win the general election, but Labour has refused to match the offer, saying it is not “credible.” Income tax is paid on money received via private pensions but those whose only income is their state pension do not pay tax on it. But by 2027 the Office for Budget Responsibility (OBR) estimates the state pension would be higher than the tax-free personal allowance, which is currently £12,570. The state pension rises by whichever is highest—average earnings, wages, or by 2.5 percent—which is known as the triple lock. Last month the state pension rose by 8.5 percent....