State pension petition calls for £380 a week payments for over

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Cost of living: Pensioners advised of two benefits to claim

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A petition has been launched on the Parliament website, saying the cash boost would lift thousands of pensioners out of poverty and would help grow the economy. This would be almost triple the current basic state pension, of £141.85 per week, while the full new state pension is £181.15 per week.

The petition says: “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 state pension age is currently 66, with plans being drawn up to raise the age to 67 and 68.

At the time of writing, the petition has had more than 30,000 signatures, from residents across the UK.

As the petition has reached more than 10,000 signatures, the Government will have to provide a response.

If 100,000 people sign their support for the petition, it will be considered for a debate in Parliament.

Pensioners may get a boost to their state pension payments this year with the return of the triple lock policy.

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This guarantees the state pension increases in line with average earnings, inflation or 2.5 percent, whichever is highest.

Inflation hit 10.1 percent in July and is expected to keep rising, meaning pensioners could get a welcome boost to their payouts from next April.

Both Rishi Sunak and Liz Truss have previously voiced their commitment to bringing back the triple lock policy, which was suspended last year, with the state pension increasing by just 3.1 percent.

Some pensions experts have warned the policy may not be feasible for the new Prime Minister to implement.

Jon Greer, head of retirement policy at Quilter, said: “Truss will struggle to balance the books if she wants to stay true to the Tory manifesto of keeping the triple lock in years to come in light of soaring inflation and her desire to not add any other taxes and slash existing ones.

“This ultimately will throw into question how the incoming social care reforms will also be funded. Something may have to give.

“Pensioners up and down the country will be hoping that it doesn’t start with the triple lock.”

Andrew Tully, technical director at Canada Life, told Express.co.uk although the triple lock is “sustainable, for now”, its future is not certain.

He said: “The Office for Budget Responsibility (OBR) has said previously that each percentage point on the state pension costs around £900million.

“So a 11 percent increase would cost the Government about £10billion, just for next year.

“It’s worth remembering the state pensions of today’s retirees are paid for from the tax receipts of today’s workers.

“The Government will have a tricky fiscal balancing act to ensure the state pension continues to be funded while promises of tax cuts are being bandied about.”

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