Martin Lewis issues state pension warning after Budget
Martin Lewis grills Rachel Reeves for key state pension update
- Martin Lewis announced a key state pension update during his Budget special on 27 November.
- The state pension is set to increase by 4.8 per cent in April 2026.
- This rise will bring the new state pension to £12,547.60 annually, just under the frozen personal allowance tax threshold of £12,570.
- MoneySavingExpert founder Martin Lewis questioned Chancellor Rachel Reeves regarding pensioners potentially needing to complete tax returns if their state pension exceeds the personal allowance.
- Rachel Reeves confirmed that individuals whose sole income is the state pension will not be required to complete a tax return or pay tax during this parliamentary term.