An online petition calling on the UK Government to set a minimum level of weekly State Pension payments of £380 for everyone over the age of 60, arguing that the current rates are “far too low”, has passed the 10,000 signature threshold which triggers an official response. So far, more than 75,548 people have shown their support for the suggested changes - at 100,000 signatures, the petition would be considered for debate in Parliament.
The petition, created by Michael Thompson, is also asking for the official age of retirement to be lowered from 66 back to 60 for both men and women. He said that increasing the weekly payment rate for everyone over 60 would result in an annual income of £19,60, which “should lift thousands out of poverty, and give our elderly folk more spending power”.
The latest figures from the Department for Work and Pensions (DWP) show that there are now 12.5 million people receiving State Pension payments across the country. These are worth up to £185.15 for those on the new State Pension and up to £141.85 for people receiving the old Basic State Pension.
State Pension increases every April as part of the Triple Lock rule, however, this was temporarily suspended until April 2023 as a direct result of the economic impact of the coronavirus pandemic.
The petition states: “The British State Pension is far too low. We want the [UK] Government to increase the basic State Pension to £19,760 a year (£380 a week), and extend this to anyone aged 60 or over. This should lift thousands out of poverty, and give our elderly folk more spending power and help grow the economy.
“The [UK] Government should restore the State Pension age back to 60 for men and women, because, people should not have to wait until their mid to late 60's to claim the State Pension, as many people have worked from a young age, and their health deteriorates long before they are able to claim the State Pension.”
The petition is set to close on December 8, 2022 and can be viewed on the petitions-parliament website here.
State Pension age changes
In December 2018, the State Pension Age was raised above 65 for both men and women, initially resulting in fewer new claims. However, since October 2020 the minimum State Pension Age has been 66 with a further rise to 67 set to begin in 2026.
What is the Triple Lock?
The Triple Lock rule ensures that State Pension increases each year in line with whichever is highest of inflation as measured by the Consumer Prices Index (CPI) - currently 10.1%, average earnings, or 2.5%.
The average earnings benchmark was suspended for the 2022/23 financial year, but the DWP has insisted this was a temporary measure and the Triple Lock will be reinstated for the 2023/24 financial year.
The State Pension uprating is based on the previous September's CPI inflation figures. The inflation figure for July was 10.1%.
The Office for National Statistics (ONS) is scheduled to publish the September CPI inflation figures on October 18, 2022.
To keep up to date with the outcome of this petition, join our Money Saving Scotland Facebook page here, or subscribe to our newsletter which goes out three times each week - sign up here.
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