'State pension age review needed for affordability'

Chancellor Rachel Reeves has said a review into raising the state pension age is needed to ensure the system is “sustainable and affordable”.

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The Government review is due to report in March 2029 and Ms Reeves said it was “right” to look at the age at which people can receive the state pension as life expectancy increases.

The state pension age is currently 66, rising to 67 by 2028 and the Government is legally required to periodically review the age.

The Chancellor told reporters: “We have just commissioned a review of pensions adequacy, so whether people are saving enough for retirement, and also the state pension age.