State pension likely to rise by £488 a year in April

The state pension is expected to rise by £488 to £13,036.40 a year in April, according to new official figures. This increase is based on the triple lock guarantee, which considers wage growth, inflation, or 2.5%, whichever is highest. Nearly 13 million people in the UK receive the state pension, and if it rises by 3.9%, it could make the pension liable for income tax.