Brits calling for state pensions to be raised to £416 a week for every person over 60

Brits are calling for state pensions to be raised to £416 a week in line with the National Minimum Wage after previous efforts failed.

A new petition has been set up calling on ministers to increase the allowance to more than double the current figure, despite a previous one which racked up more than 36,000 signatures being rejected by the DWP. The latest calls are being made by Michael Thompson, who is also demanding the UK pension age is lowered to 60.

Pensioners claiming the sum currently are only eligible for £203.85 each week, or £815.40 every four-week pay period. The full figure amounts to only £10,600 – well below the statutory minimum earned by full-time working adults.

The revised sum, which would bring the income of anyone on a basic state pension up to £21,673.60 per year, would “lift thousands out of poverty“, the online petition claims. It writes: “A State Pension Age of 60 for all, based on 40 hours a week at the minimum wage, reflects that there has been a decline in improvements in life expectancy, and that health often deteriorates long before people are able to claim State Pension currently.

“Today’s young are tomorrows old [sic], so removing the need for the means-tested Pension Credit, that discourages savers, is defending the future of all, and investing directly into the real economy via a much higher State Pension, universally paid.”

Efforts to get the Government to raise state pensions were thrown out last month, as DWP officials said pensions and the minimum wage had “different purposes”. In an official response to the earlier petition, the DWP said a “direct comparison cannot be drawn” between both.

The new petition writes: ”The State Pension is far too low. The Government must increase the basic State Pension to £21,673.60 a year (£416.80 per week) and extend this to everyone aged 60 or over. This should lift thousands out of poverty, give our elderly folk more power to survive, and help grow the real economy, bottom up.

“From April 2023 someone aged 23 or over working 40 hours a week would be entitled to a minimum of £416.80 a week.” The petition has so far garnered nearly 2,000 signatures, with the Government obliged to respond to any which get above 10,000.

Some 12.6 million older people across Great Britain may be due another bumper State Pension pay rise under the Triple Lock next April, after the Office for National Statistics (ONS) announced that earnings growth for the period between May and July was 8.5 per cent. Those on the full New State Pension could receive £221.20 each week under an 8.5 per cent uprating, while those on the maximum Basic State Pension could receive £169.50 each week.

Estimated State Pension payments from April 2024

The estimated calculations show the current annual rates for the full New and Basic State Pensions. The ‘monthly payment’ calculated below refers to every four weeks, there are 13 payments made throughout the year.

How much someone receives depends on the number of years worth of National Insurance contributions, around 35 is needed for the full New State Pension, but this may be more if you were contracted out – find out more here.

These estimations are based on the wages growth at 7.8 per cent (excluding employee bonuses) and 8.5 per cent (including employee bonuses). Chancellor Jeremy Hunt will confirm the State Pension uprating during the Autumn Statement on November 22.

Figures have been rounded using the UK Government’s rounding policy.

Current Annual Full New State Pension – £10,600

• Weekly: £203.85
• Monthly: £815.40

7.8% uprating April 2024 – £11,427 (up £827)

• Weekly: £219.75
• Monthly: £879.00

8.5% uprating April 2024 – £11,502 (up £902)

• Weekly: £221.20
• Monthly: £884.80

Current Annual Full Basic State Pension – £8,122

• Weekly: £156.20
• Monthly: £624.80

7.8% uprating April 2024 – £8,756 (up £634)

• Weekly: £168.40
• Monthly: £673.55

8.5% uprating April 2024 – £8,814 (up £692)

• Weekly: £169.50
• Monthly: £678.00