State pension alert: DWP called to raise payments to £586 a week and slash retirement age to 60

The campaign, initiated by Denver Johnson on Parliament's official website, proposes three significant reforms impacting the state pension age and payment rate.

This petition advocates increasing weekly state pension payments to £586, aligning them with National Living Wage calculations based on a 48-hour working week. Additionally, it seeks to reduce the qualifying age from current levels to 60 years old.

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The third reform would guarantee annual payment increases for British pensioners living abroad, addressing the current freeze affecting nearly half a million expatriates in countries without reciprocal agreements with the UK government.

As such, the proposal would establish weekly payments of £568.08, translating to an annual income of £30,476 for all pensioners aged 60 and above.

This represents a substantial increase from the current full new state pension of £221.20 weekly. The petition has secured more than 3,000 signatures since its launch. Once it reaches 10,000 supporters, the government must provide an official response.

Should the petition achieve 100,000 signatures, the Petitions Committee will evaluate whether to schedule a parliamentary debate.

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However, the petition only has just over 5,000 signatories with 10,000 resulting in an official response from ministers.

The campaign's statement declares: "We want the Government to make the state pension available from the age of 60 and increase this to equal 48hrs a week at the National Living Wage."

Despite this call to action, financial sector professionals have expressed concerns about the petition's feasibility.

Karen Barrett, founder and chief executive of Unbiased, stated: "A new petition calling to reduce the age to access the state pension to 60 and boosting it in line with the National Living Wage sounds like a dream, but comes with many potential issues."

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She highlighted the financial burden such changes would place on Government resources. "One of the biggest issues facing the UK government is the staggering cost of the state pension," Barrett explained.

The proposed increase from £230.25 to £586 weekly would significantly escalate public expenditure, making implementation improbable according to Barrett.

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The proposed pension increase could create significant tax liabilities for recipients. With the Personal Allowance frozen at £12,570 until April 2028, the suggested £30,476 annual payment would substantially exceed this threshold.

Currently, approximately half of new state pension claimants receive the full amount, which requires 35 qualifying years of National Insurance contributions.

The basic state pension provides £176.45 weekly for those who qualified under previous rules.

Barrett emphasised the importance of viewing state pensions as supplementary rather than primary retirement funding. "It's essential to consider the state pension as a supplement to your retirement income, rather than the key to funding it," she advised.