Increase State pensions to £380 a week, and lower retirement age to 60

The British State pension is far too low. We want the 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 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 Government is committed to a decent State Pension as the foundation of support for people in retirement.

The Government spends over £134 billion each year on benefits for pensioners, including over £110 billion on the State Pension. This is likely to increase substantially in 2023/24. This proposal would add significant costs and make the system unsustainable, creating additional burdens on the working age population.

Since 2010, the full yearly amount of the basic State Pension has risen by over £2,300, in cash terms. That's £720 more than if it had been uprated by prices, and £570 more than if it had been uprated by earnings. The Government has committed to implementing the Triple Lock in the usual way for the remainder of the Parliament.

The Government also provides additional support to older people, which includes the provision of free bus passes, free prescriptions, Winter Fuel Payments and Cold Weather Payments.

The Government is committed to alleviating pensioner poverty. There are 400,000 fewer pensioners in absolute poverty (both before and after housing costs) than in 2009/10.

Around 1.4 million of the most vulnerable pensioners also receive some £5 billion 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 and provides a top up for people of State Pension age to a weekly minimum amount, (currently £182.60 for single people and £278.70 for couples). These amounts may be higher for those with caring responsibilities, a severe disability or certain housing costs. This approach ensures that spending is targeted at those most in need. Information about Pension Credit is available from the Government website – www.gov.uk - by entering ‘Pension Credit’ into the search bar.

The Government has also acted to protect pensioners against the current Cost of Living situation. This includes a £650 Cost of Living Payment to more than 8 million low-income households on Universal Credit, Tax Credits, Pension Credit and legacy benefits, with separate one-off payments of £300 to pensioner households (through and as an addition to the Winter Fuel Payment) and £150 to individuals receiving extra costs disability benefits.

From 1 October, a new ‘Energy Price Guarantee’ will mean a typical UK household will now pay up to an average £2,500 a year on their energy bill for the next two years. This is automatic and applies to all households. This will save the average household at least £1,000 a year based on current energy prices from October and is in addition to the £400 energy bills discount for all households. This applies to all households in Great Britain, with the same level of support made available to households in Northern Ireland.

Raising 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.

We have no plans to reverse changes to SPa. Our reforms have focused on maintaining the right balance between affordability, sustainability of the State Pension, and fairness between generations. The latest Office for National Statistics data shows that the number of people over SPa compared to the number of people of working age is expected to increase.

The State Pension is funded through the National Insurance and tax contributions of the current working-age population. Reducing the SPa to 60 would therefore increase the tax burden of the current working-age population.

This Government is committed to providing a financial safety net for those who need it, including when they near or reach retirement. Support is available through our benefit system to those who are unable to work or are on a low income but are not eligible for pensioner benefits because of their age.

Department for Work and Pensions