Patrick O'Donnell

5 days ago | gbnews.com | Patrick O'Donnell

European countries are offering their older citizens nearly £8,000 more annually towards the equivalent state pension compared the amount received by British pensioners. Iceland offers the highest pension in Europe at £20,063.08 per year, more than £8,000 above the UK's annual state pension of £11,973. According to the Organisation for Economic Cooperation and Development, Iceland's full basic pension is valued at ISK 3,439,428, equivalent to 31 per cent of average worker earnings.

5 days ago | gbnews.com | Patrick O'Donnell

State pensioners face "new challenges" in the years to come as thousands are at risk of being taxed on their retirement payments alone, new research has found. New HM Revenue and Customs (HMRC) figures reveal that 37.7 million people paid income tax in 2024/25, marking a significant increase of six million taxpayers compared to 31.5 million in 2019/20. The number of income taxpayers also rose by 1.4 million from the previous year.

6 days ago | msn.com | Patrick O'Donnell

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6 days ago | gbnews.com | Patrick O'Donnell

The Government has announced pension reforms that could boost workers' retirement pots by £6,000 through the creation of pension megafunds managing at least £25 billion in assets. This proposed shake-up, outlined in the Pension Schemes Bill on Thursday, relates to defined contribution pensions that invest workers' regular payments in stocks, shares and other assets.

1 week ago | gbnews.com | Patrick O'Donnell

Analysts are sounding the alarm over potential tax rises from Chancellor Rachel Reeves ahead of the Government's spending review on June 11. Prime Minister Keir Starmer has hinted Labour is considering at least a partial reversal of its previous pledge to means-test the Winter Fuel Payment for pensioners. Furthermore, reports suggest Reeves is planning a spending splurge across Red Wall constituency seats in an attempt to fend off the electoral threat posed by Reform UK.