The Department for Work and Pensions ( DWP ) has issued a State Pension update as millions of over-66s are set to receive a financial boost from April.

People on the new full State Pension are set for a rise of over £500 a year from next April following the latest official earnings data.

State Pensions increase each April by the triple lock - a mechanism used to ensure the payment rates rise each year in line with whichever is higher out of inflation, earnings or 2.5%. This is to prevent the value of pensions being reduced by cost of living pressures.

The latest figures from the Office for National Statistics (ONS) showed a rise in total wage growth including bonuses to 4.7% in the quarter to July, up from 4.6% in the three months to June.

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