Martin Lewis lays out the two types of pensions
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
A petition has been launched on the Parliament website, calling for the state pension age to be reduced back to 60 for men and women. The state pension age is currently 66, with plans being drawn up to raise the age to 67 and 68.
The petition reads: “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 60s 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.”
Supporters of the petition are also calling for the state pension to be increased to £19,760 a year, or £380 a week, for anyone aged 60 or over.
Increasing the amount that pensioners receive would “lift thousands out of poverty, and give our elderly folk more spending power and help grow the economy”, the campaigners said.
More than 1,400 people from across the UK have signed the petition, at the time of writing.
The entreaty will need to reach 10,000 signatures before it gets a response from the Government.
If 100,000 people show their support, the item will be considered for debate in Parliament.
The petition is open until December 6.
A similar petition was previously set up on the Parliament website, calling for the state pension to be increased to £19,760 a year, in line with the National Living Wage (NLW).
The message said that the current payout is “not enough to live on” with pensioners facing “the same bills as others”.
This petition has had almost 50,000 signatures, with the Government issuing a response on April 14.
The response said: “The Government has no plans to match state pension and the NLW, which serve different purposes.
“We have never paid our pensioners more, spending over £134billion on pensioner benefits this year.”
This petition will close on August 25.
There are currently two state pensions – which one a person gets depends on when they retired.
Those who retired before April 5, 2016, receive the old basic state pension, a maximum of £7,376.30.
People who stopped working after that date receive a maximum of £9,627.80.
People who stopped working after that date receive a maximum of £9,627.80.
If inflation reaches 10 percent in the year to September 2022, and Chancellor Rishi Sunak reinstates the triple lock increase, those figures could rise by 10 percent as well.
Many pensioners are also set to get some extra help with their energy bills.
Those claiming the Winter Fuel Payment who are not getting Pension Credit will be eligible for an additional £300.
People who were born on or before September 26, 1955 can claim from £100 to £300 as part of the scheme.
Claimants must be of state pension age and on another benefit payment, such as Universal Credit.
Source: Read Full Article
