Increase State Pensions to £416.80 per week & lower Retirement Age to 60 for All

British State Pensions are far too low. The Government must increase the basic state pension to £21,673.60 a year (£416.80 pw) and extend this to everyone aged 60 or over. This should lift thousands out of poverty, give our elderly folk the power to survive and help grow the real economy, bottom up.

£416.80 pw is the National Min Wage from April 2023

A State Pension Age of 60 for all, reflects current trends in life expectancy which are downward and that health deteriorates long before people are able to claim state pension currently

This level of investment could be easily paid for by using more of our GNP, inline with EU neighbours and halting tax avoidance

Today's young are tomorrow's old, protecting pensions, is defending the future of all and investing directly into the real economy

There has been no Policy change since this topic was debated on 12 December 2022 (https://petition.parliament.uk/petitions/617603).

The Government is committed to a decent State Pension as the foundation of support for people in retirement.

We are forecast to spend around £134 billion in 2022/23 on benefits for pensioners, including around £110 billion on the State Pension. This is forecast to increase 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 announced plans to apply the Triple Lock in 2023/24 and State Pensions will increase by 10.1% from April this year. The full weekly basic State Pension will increase from £141.85 to £156.20 (£748.70 higher per year), and the full weekly rate of the new State Pension will increase from £185.15 to £203.85 (£975.70 higher per year).

We also provide 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.

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 qualifying means-tested benefits, including Pension Credit, 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.