An online petition that is calling on the UK Government to set a minimum level for State Pension payments of £380 for those over the age of 60, has passed the 10,000 signature threshold - which triggers an official response.
The petition argues that the current rates are "far too low", and that the official age of retirement should be reverted back to 60, reports the Daily Record. More than 50,500 people have signed their name for the suggested changes.
Petition creator Michael Thompson said that increasing the weekly payment rate for everybody over 60 would result in an annual income of £19,760, which "should lift thousands out of poverty, and give our elderly folk more spending power”.
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The latest figures from the Department for Work and Pensions (DWP) have shown that there are now 12.5 million people who receive State Pension payments across the UK. These are worth up to £185.15 for those on the newest version of the State Pension, and up to £141.15 for those on the older Basic State Pension.
The State Pension increases each year during the month of April, as part of the Triple Lock rule. However, this was temporarily suspended until April next year, as a result of the economic impact of the coronavirus pandemic.
The petition aims state: "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 still be viewed on the petitions-parliament website here.
More information about the State Pension and its rules can be found below.
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) - which is currently 10.1 per cent, average earnings, or 2.5 per cent.
The average earnings benchmark was suspended for the 2022/23 financial year, but the DWP has insisted this was just 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 per cent.
The Office for National Statistics (ONS) is scheduled to publish the September CPI inflation figures on October 18, 2022.
State Pension age changes
In December 2018, the State Pension Age was increased to above 65 for both men and woman, which initially resulted in less claims coming in. However, since October 2020, the minimum State Pension Age has stuck at 66, with a further rise to 67 set to be introduced in 2026.
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