Chancellor George Osborne has announced a one year rise in the state pension age for both men and women by 2020.
The increase will begin in 2018, with the £5 billion annual saving used to provide a more generous state pension.
“Never again will those who worked hard all there lives be insulted with state pension age of just 75p,” he says. (article continues below)
Osborne also welcomed Lord John Hutton’s public sector pensions report, saying he wanted public pensions to present a “gold standard” of provision.
Additionally, he says the MP’s final salary will likely close once Hutton’s final report has been submitted.