Key facts
- Hundreds of thousands of state pensioners over 65 may be eligible for underpayments of up to £7,000.
- A new HMRC rule could provide some UK state pensioners with an annual pension boost of £720.
- The DWP is offering a new incentive of £1,400 to a specific group of individuals.
- HMRC has alerted savers to a potential £3,000 tax liability threshold.
- UK state pensioners aged 65 and over may be eligible for additional payments of up to £7,880.
- Martin Lewis explained an inheritance tax rule allowing unlimited gifts if the donor survives seven years.
- State pensioners under 77 are receiving £965 every four weeks due to the triple lock policy.
- Older state pensioners will receive an extra cash boost of £739 in June.
- Some older state pensioners will receive a maximum of £646.88 in additional payments.
- State pensioners aged 66 and over who shop at Iceland are eligible for a DWP cash boost.
- Eligible older retirees will receive an extra £21.88 cash boost in June.
- Some older state pensioners will receive a payment of £1,479.20 from the DWP in June.
UK state pensioners are being informed of several potential financial benefits and tax considerations. Hundreds of thousands of pensioners over the age of 65 are urged to check for potential underpayments of their state pension, with some eligible for up to £7,000. This issue is currently under investigation. A new rule from HMRC may allow some UK state pensioners to receive an annual pension boost of £720, a change that is seen as attractive ahead of potential inheritance tax modifications. The Department for Work and Pensions (DWP) has also announced a new incentive of £1,400 for a specific group of individuals, though the details of this group are not specified. Consumer experts at Which? Money have highlighted a £3,000 tax threshold for savers, warning of potential tax liabilities if this threshold is exceeded. Separately, UK state pensioners aged 65 and over may be eligible for additional payments of up to £7,880, distinct from their regular state pension. Consumer finance expert Martin Lewis has explained an inheritance tax rule that permits unlimited gifts to family members, provided the donor survives for seven years after the gift is made, as a strategy to reduce potential Inheritance Tax. Pensioners under the age of 77 are now receiving an increased payment of £965 every four weeks, attributed to the government's triple lock policy. This policy ensures pension increases are linked to inflation, average earnings, or 2.5%, whichever is highest, and a full National Insurance record is necessary for the maximum amount. Older state pensioners in the UK will receive an extra cash boost of £739 in June due to a change in the triple lock system, confirmed by the DWP. Some older state pensioners are also set to receive a maximum of £646.88 in additional payments due to an uplift in AP payments. Furthermore, state pensioners aged 66 and over who shop at Iceland supermarkets are eligible for an extra cash boost from the DWP. In June, eligible older retirees will also benefit from an additional £21.88 cash boost. Some older state pensioners in the UK will receive a payment of £1,479.20 from the DWP in June as part of their state pension distribution.