Thousands of pensioners who delayed claiming their state pension are expected to be among those shut out of a new income tax waiver.
The state pension is set to rise above the personal allowance next April, rising more than £500, which would push millions into paying income tax for the first time.
The Government has said people whose only income is the full state pension will not pay tax – but those who have built up extra payments by delaying their claim may not qualify for this exemption.
The warning comes as almost 42,000 people who had deferred their state pension went on to claim it in 2023-24, according to the latest figures obtained by Royal London.
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