“We will continue to do everything we can to provide pensioners with dignity in retirement and ensure the new State Pension is not dragged into income tax for the first time in history by introducing the new Triple Lock Plus. This has two elements: 1. Continuing to uprate the State Pension in line with the highest of prices, earnings or 2.5%. On current forecasts, this will mean the new State Pension increases by a further £430 in April next year to £11,970; and increases by £1,685 a year to £13,200 by the end of the Parliament. 2. Ensuring that from next year the tax-free personal allowance for pensioners also rises by the highest of prices, earnings or 2.5%, guaranteeing that the new State Pension is always below the tax-free threshold. From April 2025, we will increase the personal allowance for pensioners by introducing a new age-related personal allowance. This is a tax cut of around £100 for eight million pensioners next year – rising to £275 a year by the end of the Parliament.”