Pensions Will you have to retire later or pay in more?

Big changes are on the way as a wide-ranging review of the pensions system is launched. Rupert Jones looks at what might happen as a result

- Rupert Jones

You're going to have to start putting some money away for your retirement, or paying in more than you do now, and you're probably going to have to wait longer to get your hands on your state pension. That was effectively the message to millions of people this week when the government announced a major review of the UK pensions system.

The independent commission it launched will grapple with a host of thorny issues and make recommendations for change.

Here are five things that might happen as a result of its work.

A higher state pension age The state pension age (SPA) is the earliest age at which an individual can start getting the state pension.

It is now 66 for men and women but is due to rise to 67 between 2026 and 2028.

As things stand, the SPA is then due to increase to 68 between 2044 and 2046, affecting those born after April 1977. However, "a faster increase is definitely on the cards," says Rachel Vahey, the head of public policy at the investment platform AJ Bell.

Earlier this month the Institute for Fiscal Studies thinktank put the cat among the pigeons when it warned that the SPA may have to be upped to 69 by 2049 and 74 by 2069 if the triple lock guaranteeing how much it will be worth is kept.

The state pension provides the bulk of retirement income for most pensioners, so having to wait longer for it could have a huge impact on millions of people.