An online petition is calling on the UK Government to increase the State Pension for disabled people by £25 each week in order to reduce the pension wealth gap for retired workers. Petition creator Aneesha Sandhu said that the £25 weekly uplift would “help provide stability for retired disabled workers who need it most”.
The petition has been posted on the petitions-parliament website and will trigger an official response from the UK Government if it reaches 10,000 signatures of support. It states that the average pension wealth for people with a disability approaching retirement age is just £47,980.
It also said that there are over four million disabled workers across the UK, but only 54 per cent are saving into a private pension. It adds that “more disabled people are working now than ever (53%), however, this is still significantly lower than non-disabled people (82%)”.
Ms Sandhu said: “The pension wealth gap is massive and many people are struggling so an extra £25 a week can help provide stability for retired disabled workers who need it most. It is important we help those who need it. Let's make a difference together.”
You can view the petition online here.
In April, State Pension and most benefits increased by 10.1 per cent as part of the annual Department for Work and Pensions (DWP) uprating.
The full New State Pension increased from £185.15 per week to £203.85, equivalent to £815.40 every four-week pay period and £10,600 over the 2023/24 financial year. The Basic State Pension rose to £156.20, from £141.85, equivalent to £624.80 every four-week period and over £8,122 over the coming year.
The annual income people will need for a minimum standard of living in retirement has jumped by nearly a fifth in the space of a year, according to an industry body.
The Pensions and Lifetime Savings Association (PLSA) regularly publishes retirement living standards, to give people an idea of the amounts they may potentially need in retirement, whether they are aiming for a minimum standard of living, a comfortable standard of living, or a more luxurious comfortable lifestyle in retirement.
The PLSA recently said the cost of a minimum lifestyle has increased from £10,900 in 2021 to £12,800 in 2022 - or 18 per cent - for a single person and from £16,700 to £19,900 - or 19 per cent - for a couple.
Based on research by the Centre for Research in Social Policy at Loughborough University, the retirement living standards consider outgoings such as household bills, food and drink, transport, holidays and leisure, clothing and social and cultural participation.
This level of income does not include a budget to run a car. The disproportionate increase in the cost of retirement for those on minimum retirement living standards means the UK Government's commitment to the State Pension Triple Lock, due to be confirmed in the Autumn Statement in November, is especially important to people approaching retirement.
To keep up to date with the outcome of this petition, join our Money Saving Scotland Facebook page here, follow us on Twitter @Record_Money, or subscribe to our newsletter which goes out Monday to Friday - sign up here.
READ NEXT
Older people making a new claim for DWP income top-up could be due an extra £300 this autumn
Full list of benefits older people can no longer claim when they reach State Pension age
Six groups of older women may be due State Pension back payments of up to £11,500
Check your State Pension forecast online to see how much you are due in retirement
People over State Pension age can claim up to £600 winter heating bill help from September
