A new online petition is calling on the UK Government to increase State Pension payments to £610 a week for every person over the age of 60, including Brits living abroad in retirement
Those in favour of the petition want the State Pension to be linked to the National Living Wage(Image: Getty Images)
An online petition is urging the UK Government to raise State Pension payments to £610 weekly for everyone aged over 60, including British expats in retirement. The petition suggests increasing payments to match 48 hours per week at the National Living Wage rate of £12.71 hourly.
The petition’s proposals would give 13 million individuals currently receiving the State Pension – along with those aged over 60 – £2,440 every four-week payment cycle, totalling £31,724 annually. According to the proposals, this increase would extend to approximately 453,000 pensioners whose State Pension has been frozen upon emigration due to their current country of residence lacking a reciprocal arrangement with the UK Government.
The ‘Give State Pension to all at 60 and increase it to equal 48hrs of Living Wage’ petition has been published on the UK Parliament petitions website and declares: “We want the Government to make the State Pension available from age 60 and increase it to equal 48hrs a week at the National Living Wage.”
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It continues: “We think that Government policy seems intent on the State Pension being a benefit not paid to all, while ever increasing the age of entitlement. We want reforms to the State Pension, so that it is available to all including expatriates, from age 60, and linked to the National Living Wage, for security.”
When a petition reaches 10,000 signatures, it becomes eligible for a written response from the UK Government – however, this petition fell short of this at the time of writing with just over 4,000 signatures. Should it reach 100,000, the Petitions Committee will consider it for parliamentary debate, reports the Daily Record.
State Pension annual increases
Through the Triple Lock mechanism, State Pensions rise annually according to the highest figure amongst average earnings growth between May and July, Consumer Price Index (CPI) inflation for the year ending September, or 2.5 per cent.
Both the New and Basic State Pension saw a 4.8 per cent increase in April, meaning recipients of the full New State Pension now collect £241.30 weekly, or £965.20 per four-week payment cycle.
Full Basic State Pension recipients receive £184.90 per week, or £739.60 per four-week payment cycle.
Tax and State Pension
GOV.UK guidance explains: “You pay tax if your total annual income adds up to more than your Personal Allowance. Find out about your Personal Allowance and Income Tax rates.
Your total income could include:
the State Pension you get – Basic or New State PensionAdditional State Pensiona private pension (workplace or personal) – you can take some of this tax-freeearnings from employment or self-employmentany taxable benefits you getany other income, such as money from investments, property or savingsChecking if you need to pay tax on your pension
Prior to checking, you’ll need to know:
if you have a State Pension or a private pensionhow much State Pension and private pension income you will get this tax year (April 6 to April 5)the amount of any other taxable income you’ll get this tax year (for example, from employment or state benefits)
This tool cannot be used if you receive any foreign income, Marriage Allowance, or Blind Person’s Allowance.
Visit GOV.UK to use this online tool for checking whether you’re liable for tax on your pension. Comprehensive guidance on pension taxation is available on GOV.UK here.
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