The government is facing calls to cut back on state pension for high earners and redirect the funds to NHS, defence and student debt
The petition suggests money saved from the cut could be used for NHS and Defence budgets (Image: GETTY)
The Department for Work and Pensions is under pressure to abolish the state pension for retirees exceeding particular income thresholds. Campaign groups are demanding entitlement reductions for those earning above £20,000 and a full termination of state pension payments for those with retirement incomes surpassing £50,000.
The petition suggests the Department for Work and Pensions could redirect these savings to help stabilise Chancellor Rachel Reeves‘ budget, support the NHS or defence funding and eliminate student debt, according to 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 system has operated for more than a decade, boosting the state pension annually by whichever is greatest among three measures: 2.5%, inflation or wage increases.
It was originally introduced to prevent the state pension from being diminished by inflation and rising living costs, guaranteeing that future pensioners wouldn’t be in a worse position than those before them.
Nevertheless, some analysts have condemned the mechanism for its unpredictable rises which may render it financially unviable.
The campaigners contend: “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.”
At present, the petition has barely scraped past 30 signatures and requires 10,000 to trigger a government response.
Should the petition hit 100,000 signatures, it will be considered for a Parliamentary debate.
