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n. It will then rise to 66 for both men and women in 2020 – a move forecast to save the Treasury more than £5 billion a year.
The pension age is due to rise to 67 from 2026 and is set to hit 68 by 2044
Reforms already in the pipeline are due to slash £30 billion from the forecast pension bill by 2050.
But without further reforms, the cost of providing state pensions to Britain’s ageing population will rise from 5.5 per cent of GDP to almost nine per cent by the 2060s.
Even raising the pension age to 70 by that point would only reduce the bill to a little under eight per cent of GDP.
Increases to the state pension age are highly controversial, with critics warning that variations in life expectancy mean that some people will die before claiming pensions that others will enjoy for years.
Ministers are also keen to examine ways of en
Read more: http://www.dailymail.co.uk/news/article-3471526/Rising-life-expectancy-changes-society-speed-rise-state-pension-age-prompting-experts-warn-retirement-plans-thrown-chaos.html#ixzz4Qedh6VVw
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