More older people puts burden on tax payers

Rachel Vahey, head of public policy at investment company AJ Bell, said: “An increase to state pension age from 66 to 67 is already slated to happen between 2026 and 2028. But it’s less clear what will happen after that.

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“There is also an increase to age 68 pencilled in for 2046, but a faster increase is definitely on the cards. The first two reviews of the state pension age advocated bringing this forward, but successive governments have treated the issue like a hot potato.

“This latest state pension age review, however, may eventually force the government's hand.

“State pension benefits are one of the single biggest expenses for the Treasury and account for more than 80 per cent of the £175 billion pensioner welfare bill.