Today, the basic state pension will increase by £900 through the Conservative's TRIPLE LOCK guarantee for British pensioners. Both the State Pension and Pension Credit will be increased by 8.5% as part of this commitment.
As with almost every year since 2010, the Government has increased the basic state pension by the same level as the highest of average earnings, CPI inflation, or 2.5%. This triple guarantee has rapidly reduced pension poverty and ensured that, as of 2023/24, the basic State Pension was cumulatively nearly £800 a year higher than if pensions had been uprated by either earnings or CPI inflation alone since 2011/12.
As the Pensions Minister, Paul Maynard, rightly said, ""Our commitment to British pensioners remains undimmed. Because, after a lifetime of work, it's only right that their incomes are protected".
