The proposed increase would see the new state pension rocket by £327.92 a week and by more than £17,000 a year
A new proposal is calling for a significant increase in state pension payments, which could see pensioners receiving an additional £328 per week.
Campaigners are pushing for the pension to be raised to the equivalent of 48 hours a week at the minimum wage, resulting in a new total of £549.12. If implemented, this would mean that older individuals would receive £2,196.48 every four weeks, equating to an annual sum of £28,554.24 (based on 52 weeks).
This is a considerable rise from the current amounts, excluding any entitlements to additional state pension schemes such as SERPS. The maximum weekly new state pension currently stands at £221.20, translating to £884.80 every four weeks and an annual total of £11,502.40. Those on the pre-2016 basic state pension receive a maximum weekly rate of £169.50, which amounts to £678 every four weeks and £8,814 annually.
The proposed increase would see the new state pension jump by £327.92 a week and over £17,000 a year. For those on the old state pension, the rise would be even more significant, with the weekly amount increasing by £379.62 or nearly £20,000 a year.
A new petition on the UK Government and Parliament website is demanding this substantial hike and also proposes that the state pension should be paid from age 60, rather than the current age of 66, which is set to increase further from 2026. The petition also calls for all expats to receive the same amounts.
At the moment, a whopping 453,000 pensioners are stuck with their pensions frozen at the rate they were when they first emigrated or became eligible to claim – if they happened to relocate following their retirement. A glaring majority of these retirees reside in countries like Australia, Canada, and South Africa, where there’s no deal with the UK government to increase their pension.
Denver Johnson has spearheaded a petition demanding: “We want the Government to make the state pension available from the age of 60 and increase this to equal 48 hours a week at the National Living Wage. Hence, from April 2024, a universal state pension should be £549.12 per week or about £28,554.24 per year as a right to all, including expatriates, age 60 and above.”
Also arguing: “We think that Government policy seems intent on the state pension being a benefit, while increasing the age of entitlement. We want reforms so the state pension is available from age 60, and linked to the National Living Wage.”
, the petition could force the government’s hand if it gets enough support. Once it hits 10,000 signatures, an official statement must be given by those at the helm, and at 100,000 names, it’ll be catapulted onto the parliamentary debate stage.
April 2025 is set to see another surge in UK state pension amounts, climbing 4.1 per cent thanks to wage growth figures and staying true to the ‘triple lock’ manifesto promise – decidedly outpacing the 1.7 per cent hike applied to the vast majority of other DWP and HMRC benefits. Full details on the boost can be found here.
According to the Retirement Living Standards website, a single person requires an annual pension of £14,400 and a couple needs £22,400 just for a basic lifestyle that includes a one-week holiday in the UK and no car. For a moderate lifestyle, which includes owning a car and two weeks abroad in the Mediterranean, a single person would need £31,300 a year and a couple would require £43,100.
Meanwhile, a comfortable lifestyle would demand £43,100 a year for a single person and £59,000 for a couple, allowing for a new car every five years and one overseas holiday plus several weekend breaks.
