Budget 2012: Pension changes 'worry elderly'

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The amount of income that is not taxed will be frozen for those aged over 65, affecting the financial plans for those approaching retirement.

From April 2013, those hitting 65 will no longer receive a larger personal allowance than people of working age.

Campaigners claim pensioners could be worse off as a result of tax changes, but the government says they will not lose out because of changes elsewhere.

Dot Gibson, General Secretary of the National Pensioners Convention, said pensioners were "very, very worried" by the Budget announcement.

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