The state pension rose to £11,502.40 in April, just over £1,000 away from the £12,570 tax-free allowance which is set to stay put until 2028 under a Conservative government.

By the time the freeze is lifted an estimated additional 1.6m pensioners will be paying tax. Already 8.5 million pensioners are paying income tax and have been since 2023/24 with 1.2m of these being dragged in since the freeze on tax thresholds was enforced in 2022.

Charlene Young, pensions and savings expert at AJ Bell said: ‘Soaring inflation and wages mean that the triple-locked state pension increased by another 8.5% this month, taking the full flat-rate state pension to just over £11,500 a year.

‘However, with the personal allowance still frozen at £12,570, the state pension will take up the lion’s share of that tax-free allowance.’

AJ B