Autumn Budget 2024 State Pensions and MIG Pension Credit
Published / Last Updated on 05/11/2024
The government confirmed that the triple lock for State Pensions (both New State Pension and older Basic State Pensions) will be kept for the rest of this parliament (i.e. until the next General Election).
The triple lock means pensioners receive increases to state pensions based upon the higher of:
- Consumer prices index (CPI) inflation (in the previous Sept) – in 2024 this was 2.4% pa.
- Wages inflation (for May to June of the previous year) – in 2024 this was 4.1% pa.
- 2.5% pa.
This means the government has guaranteed an increase to both state pensions and the guaranteed part of pension credit of 4.1% in April 2025 meaning:
- New State Pension (full) = £230.25 per week.
- Basic State Pension (full) = £176.45 per week (single person) and £282.15 per week (married couples/civil partners) if a couple’s combined individual basic state pensions would be lower than £282.15.
- Pension Credit minimum income guarantees (MIG) tops ups for singles and couples will also rise 4.1% to roughly
- A minimum weekly income if you’re single of £227.09 per week from £218.15 per week.
- A minimum weekly income if you’re a couple of £346.60 per week from £332.95 per week.
Most other state benefits are likely to increase by CPI only (2.4% pa).
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