
Reform UK-Linked Thinktank Calls for Abolishing the State Pension
A report from a thinktank linked to Reform UK proposes scrapping the state pension along with inheritance and capital gains taxes, The Guardian reported.

A report from a thinktank linked to Reform UK proposes scrapping the state pension along with inheritance and capital gains taxes, The Guardian reported.

Pensioners could see their annual income increase under the government's triple lock policy, according to a BBC report.

Slowing pay growth triggers a smaller rise under the triple lock, but the pension is still expected to surpass £13,000 a year, reviving debate over its long-term cost.

Continued job cuts by British companies coincide with slowing pay growth, a figure that could trigger a 3.9% rise in the state pension next year, according to reporting by The Guardian.

Slower wage growth feeds into the triple-lock formula, pushing the state pension past the income tax threshold, while new labour market data shows continued weakness in payroll employment.

Official data shows earnings growth easing amid a cost-of-living squeeze linked to the Iran war, complicating the Bank of England's coming interest rate decision.

Slower wage growth of 3.9% is expected to trigger the increase, pushing the state pension above the frozen tax-free personal allowance and reviving debate over the triple lock's affordability.