State Pension: Expert outlines criteria to qualify
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State pension payments often form the bedrock of retirement and many older people will be reliant on them. It is not surprising, therefore, that many pensioners will be hoping for the maximum amount possible out of their state pension.
A new petition posted on the Parliament website has raised this matter, calling for a radical change to the state pension system as it currently stands.
The petition urges the Government to increase the basic state pension to £380 per week.
This would work out as a payment of £19,760 per week for basic state pensioners.
At present, the full basic state pension is £141.85 per week, although some may get less depending on their National Insurance contributions.
For the basic state pension, the DWP states people usually need at least 30 years of NI contributions for the full amount.
The petition argues a higher sum of £380 per week should also be extended to anyone aged 60 or over, suggesting a radical change to the state pension age.
In the past, the age was 60 for women and 65 for men, but equalisation was subsequently implemented.
The state pension age then rose further and now sits at 66, with additional increases on the horizon.
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The petition states its aims, arguing: “This should lift thousands out of poverty, and give our elderly folk more spending power and help grow the economy.
“The Government should restore the state pension age back to 60 for men and women.
“People should not have to wait until their mid to late 60s to claim the state pension.
“Many people have worked from a young age.
“Their health deteriorates long before they are able to claim the state pension.”
The petition has gained significant traction on the Parliament website, with a great deal of support.
At the time of writing, it had secured 55,170 signatures – well past the 10,000 needed for an official Government response.
All Parliament petitions require 100,000 signatures to be considered for debate in Parliament.
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In addition, all petitions run for six months, and this one expires on December 6, 2022.
Signatories will now be waiting with bated breath for an update on the matter from the Government.
A DWP spokesperson told Express.co.uk: “This year we will spend over £110billion on the state pension and the full yearly amount of the basic state pension is now over £2,300 higher than in 2010, with 400,000 fewer pensioners in absolute poverty after housing costs in 2020/21 than in 2009/10.
“But we recognise the pressures pensioners are facing and all pensioner households will receive £300 to help them cover the rising cost of energy this winter, with those on Pension Credit getting a further £650 cost of living payment. This is in addition to the £150 council tax rebate and £400 discount on their energy bills.”
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