In response to the research, a Conservative Party spokesman said: “Under the Triple Lock Plus, the tax-free allowance for pensioners will rise in line with the fastest of prices, earnings or 2.5 per cent - just like the state pension.
“Because Labour opposes it, it means that a pensioner whose sole income comes from the new state pension will be dragged into paying income tax for the first time in our country’s history.
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“Millions of pensioners will pay more tax under Labour’s retirement tax – with the average pensioner paying around £1,000 more in tax in the next Parliament under Labour than under the Conservatives.”
tom.dunstan@ft.com
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