At 71, I'm paying tax on my £16,000 state pension

In the next few years, millions of retirees will be dragged into owing income tax on their state pensions .

As the state pension rises due to the triple lock mechanism – which ensures payments increase by the highest of inflation, average earnings growth or 2.5 per cent – the full new state pension, which is currently just under £12,000 a year, will increase above the £12,570 personal tax threshold.

There has been much discussion about what will happen when the payment rises this much, with Chancellor Rachel Reeves suggesting that those who rely on the state pension alone, without any private pension income alongside it, will be spared of income tax bills. New Feature

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But in actual fact, many state pensioners already get payments tha