The Department for Work and Pensions is being urged to end the state pension for those on higher incomes in their retirement
The Department for Work and Pensions is facing calls to scrap the state pension for retirees over certain income levels. Specifically, campaigners are calling for entitlement cuts for those earning over £20,000 and a complete stop to state pension payments for those earning over £50,000 in retirement.
Campaigners behind the petition say the Department for Work and Pensions could reallocate these funds to help balance Chancellor Rachel Reeves’ budget, fund the NHS or defence departments and abolish student debt, as reported by Birmingham Live.
The petition recommends three specific reforms:
- End the triple lock
- Reduce entitlements for those on existing private defined benefit schemes with an income £20,000 +
- End state pensions for incomes over £50k
The triple lock mechanism has been in place for over a decade, increasing the state pension each year by the highest of three figures: 2.5%, inflation or wage growth.
It was initially implemented to stop state pension from being eroded by inflation and the rising cost of living, ensuring pensioners of the future weren’t worse off than their predecessors. However, experts have criticised the mechanism for it’s unpredictable increases which could make it unsustainable.
The campaigners argue: “We urge the Government to use additional money from these reforms to fund scrapping tuition fees for students. Current state pension benefits cost nearly £150 billion a year – we believe this is unsustainable.
“We believe those with the broadest shoulders should support an approach which keeps the Chancellor within her borrowing limits and protects priority departments, like the NHS & Defence. We believe young people need more help. We believe £50k in debt for students is too much.”
Currently, the petition has only just breached 30 signatures and will need 10,000 to illicit a government response. Once petitions reach 100,000 signatures it will be considered for a debate in Parliament.