Pensioners across the country could receive an income boost of more than £560 a year, as long as they're eligible. However, an increase in payments could also mean more could be pushed into paying tax on their pensions, leading to less overall gain.

The increase is set to come into place next April due to the government's ongoing commitment to the Triple Lock. This guarantee ensures that each April, the State Pension increases by either previous September's inflation, wage growth, or 2.5% - whichever is the highest. Latest figures show that wage growth peaked at 4.7%, which is most likely the increase the Pension will receive next year.

Why more older people could soon pay tax

This means that the State Pension will go from £230.25 a week to £241.04 a week, or £12,535 a year. While this

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