UK pension age could be lifted to 70

The official UK state pension wage could increased to 70, former pensions minister Steve Webb has said.

Documents produced by the Department of Work and Pensions have suggested that a "more aggressive" timetable to increase the rate at which the age increase is implemented may be the best option.

Between 2018 and 2020 the SPA is due to rise to 66, followed by 67 between 2026 and 2028 and then 68 between 2044 and 2046.

Webb, who is now a director of policy at insurance firm Royal London, said that the age people can start to receive their pension could conceivably be raised to 70 in the future.

"The previous policy strikes a fair balance between expecting people to work longer and allowing people to enjoy a decent retirement," Webb said.

"If the government is planning to force tens of millions of people to work to 68, 69 or even 70, then it should be transparent about its plans. This would be a huge shift and should be properly debated, not buried in a technical document seen only by specialists," said Webb.

Chancellor Philip Hammond hinted at a decision to further increase the SPA during his autumn statement last week, with the chancellor speaking of tackling the challenge of "rising longevity and fiscal sustainability".