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Older state pensioners have been handed a financial boost for the new tax year, with basic rate payments now increasing to a maximum of £369.80 every fortnight, the DWP has confirmed.

Due to the triple lock, the state pension is guaranteed to increase every year based on one of three metrics - inflation, wage growth or a flat 2.5%, and this is enshrined in law for both the new post-2016 state pension and the older, basic state pension.

And it has been confirmed that the triple lock is set to produce a £439.40 annual increase for older state pensioners this tax year. That's because the key average earnings figure has been confirmed at 4.8%, which is higher than inflation and, of course, higher than the 2.5% minimum floor for increases.

Older state pensioners have seen payments increase from £176.45 per week up to £184.90, which equals £369.80 every fortnight, assuming a maximum National Insurance record, though the payments are actually paid every four weeks.

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Those with incomplete records will see lower total take-home for their pension payments, depending on how far off the full record they are, which the DWP calculates on a case-by-case basis when you first hit state pension age.

The annual sum of basic rate state pension payments for an older state pensioner comes to £9,614.80. This is still a few thousand pounds lower than the basic rate for new, post-2016 state pensioners, but there is also another DWP rule which will allow older state pensioners to boost their weekly payments, depending on their income and savings.

Pension Credit is a benefit which older state pensioners (and new state pensioners) can use to boost their income. For example, an older state pensioner who only qualifies for the basic state pension will get £184.90 per week. But Pension Credit tops up this amount up to £238 per week, which is only a few pounds less than the new state pension anyway (£241.30). However, your other income, such as work earnings, property income, savings interest or a private pension, is counted first, and you won't be able to get the full amount if you have exceeded income limits.

Older state pensioners can also continue to get access to Additional Pension (AP) schemes, such as SERPS, and Second State Pension, which could mean that their total state pension payments would be higher than the base amounts mentioned here. Though the schemes are now no longer open to join, those who were enrolled in existing AP schemes through their employer before retirement are still being paid AP amounts each week on top of their basic pension payments.

The Chancellor has also announced that in future, state pensioners who exceed the £12,570 Personal Tax Allowance will not owe tax on their state pension, as long as they have no other income. Details of exactly how this will work are yet to be revealed, although Additional State Pension schemes for older state pensioners will not be exempted from tax, HM Treasury has confirmed to the Express.