But it comes as ministers are reportedly drawing up plans that could make workers wait even longer before they receive state support in retirement. The state pension age was due to increase to 67 by 2028 and 68 by 2039, but policymakers are now considering plans that would pull this forward to the mid 2030s, in a move that could raise tens of billions of pounds for the Treasury.
Marsha de Cordova, the Labour MP leading today's debate, urged the Government to consider new ways to help pensioners navigate the cost of living crisis.
However, pensions minister Laura Trott dismissed the petition's proposals. She said: “Reducing the state pension age to 60 would massively increase the tax burden of the current working age population.”
Ms Trott, who took on the role of pensions minister last month, said the proposals would be unaffordable for the Treasury, at an estimated cost of £251bn if it were applied in the 2022/23 tax year.
She said: “Comparisons of headline state pension amounts with the national living wage do not consider the full package of state measures available to support people in retirement, and pensioners do not pay national insurance or pay into pension schemes through auto-enrolment.”
The petition’s support for more generous pension payments comes as the elderly are hit by the worst cost of living crisis in a generation. The Government’s petitions committee survey found that 86pc of pensioners found it difficult to pay their energy bills.
However, Tom Selby, of investment service AJ Bell, agreed that the idea was unrealistic and said that it would “cripple the economy” as the population continues to age.
He said: “The costs would be beyond astronomical. It’s an utterly ludicrous suggestion and will never happen.”
Millions of retirees will receive the biggest pay rise on record next spring as the state pension will soar above £10,000 per year for the first time.
The weekly new state pension will rise to £203.85, equivalent to £10,600.20 a year from April 2023. This is £972 higher than this financial year.
The basic state pension, paid to those who reached the state pension age before 2016, will increase to £156.20 a week or £8,122.40 annually.