Rachel Reeves has announced a limit on how much people can pension pot before it incurs tax, but what does today's budget mean for those who are already claiming their pensions?

The Chancellor confirmed that the state pension will rise 4.8 per cent for the 2026/27 financial year, as determined by the triple lock mechanism.

The full new state pension will increase by about £570 a year, she said - for people who reached the state pension age after April 6 2016. Those who retired before then on the full basic state pension will get a lower increase.

Lucie Spencer, Partner in Financial Planning at wealth management firm Evelyn Partners, comments: "The triple lock headlines disguise a wide range of circumstances for today’s pensioners. For a start, only one in three (36%, or 4.7million) pens

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