Currently, recipients of the basic state pension receive £156.20 per week, but upcoming increases may push payments beyond the income tax threshold of £12,570 per year.

Labour health minister Andrew Gwynne projected that over 12 million pensioners could see their state pension increase by more than £1,000 in the next five years.

Analysts anticipate an additional earnings-linked increase under the triple lock next year, which could add £460 to the annual pension amount.

This expected rise follows an 8.5% increase in state pension payments in April and a 10.1% increase in 2023.

The Government has committed to maintaining the triple lock for the current Parliament, ensuring that pensions rise in line with inflation, earnings, or 2.5%.

In addition to pension increases, the Government plans to deliver a £150 Warm Home Discount for low-income households starting in October 2024 and extend the Household Support Fund with an additional £421 million.

Gwynne emphasized the Government's commitment to a preventative health approach and support for vulnerable households during the winter months.

However, the criteria for Winter Fuel Payments have become stricter, now limited to individuals on certain means-tested benefits rather than being universally available to all state pensioners.

The current state pension age for both men and women is set at 66, which remains unchanged.

For context, the full new state pension currently stands at £221.20 per week, totaling £11,502.40 annually.

To qualify for the full basic state pension, individuals need 30 years of National Insurance contributions, while 35 years are required for the full new state pension, with a minimum of 10 years needed for any payment.