The UK Government has rejected a minimum weekly state pension payment of £416 for anyone over the age of 60. An online petition with more than 34,250 signatures called for the payment to be increased and the age of retirement to be lowered.
The current payment rates are up to £185.15 for those on the new state pension and £141.85 for those on the basic pension. The contributory benefit is administered by the Department for Work and Pensions (DWP) and it will be increased in April by 101% under the triple lock rule.
This will mean the new state pension will rise to £203.85 and the basic pension will rise to £156.20. The petition creator, Michael Thompson, stated that increasing the payment rate to £416 per week would mean an annual income of £21,673.60, which would lift "thousands out of poverty", reports the Daily Record.
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Responding to the petition, DWP reported that there had been no policy change since the topic was debated on December 12, 2022. A previous proposal had called for a similar increase and had received more than 111,000 signatures.
The DWP said in a statement: "The Government has no plans to increase the sate pension to £416.80 per week or reduce state pension age for everyone to 60. The Government is committed to a decent state pension as the foundation of support for people in retirement.
"We are forecast to spend around £134billion in 2022-23 on benefits for pensioners, including around £110bn on the state pension. This is forecast to increase in 2023-24."
The statement continued to add that the proposal would cause "significant costs" and make the system unsustainable. This would create "additional burdens on the working-age population" as many people may be unaware that taxpayer money goes towards pensions.
The DWP demonstrated how the full, annual amount of the basic state pension has increased by more than £2,300 since 2010. It also said that the UK Government will honour the triple lock for this financial year.
The DWP response also highlighted the additional benefits and support for people of state pension age which includes free bus passes, Winter Fuel Payments and the new cost of living payments which are worth up to £1,350. The DWP added: "Around 1.4 million of the most vulnerable pensioners also receive some £5bn of Pension Credit, which tops up their retirement income and is a passport to other financial help such as support with housing costs, council tax, heating bills and a free TV licence for those over 75."
Pension Credit is a means-tested benefit that provides a top-up for people of state pension age to a weekly minimum amount. It is currently £182.60 for single people and £278.70 for couples and from April will increase to £201.05 and £306.85.
Payments may be higher for those with severe disabilities, housing costs and caring responsibilities. The DWP said: "Raising the state pension age (SPA) in line with life expectancy changes has been the policy of successive administrations over many years. These changes to SPA were made over a series of acts by successive governments from 1995 onwards, following public consultations and extensive debates in both Houses of Parliament."
The DWP added: "We have no plans to reverse changes to SPA. Reforms have focused on maintaining the right balance between the affordability, sustainability of the state pension, and fairness between generations." You can read the DWP's full response on the petitions-parliament website here.
The petition will be considered by the UK Government for debate if it reaches 100,000 signatures.
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