State pension bombshell as retirement age 'should be raised to above 70'

Experts have suggested the state pension age could increase to 70 after the Government announced a pension review. Jason Hollands, managing director of Evelyn Partners, noted that 70 could "become the norm" after Denmark became the first European country to increase its retirement age.

Such a move could anger many workers and pension savers alike.

Mr Hollands told The i newspaper: "Denmark recently became the first European country to move its retirement age to 70 for those born after December 31, 1970. While Denmark is currently an outlier, this could become the norm, and we may well see this in the UK eventually."

Last year, the International Longevity Centre stated that the state pension age would need to become 71 by 2050 to keep pace with rising life expectancy and preserve the current ratio of workers to pensioners.

Experts also previously warned that people looking to retire in 2050 could receive £800 less annually than current pensioners.

The Department for Work and Pensions (DWP) cited concerns that 45% of working-age adults were not contributing to their pensions, citing impacts from the cost of living.

It follows the announcement from Work and Pensions Secretary Liz Kendall yesterday that the state pension will be reviewed.

It will examine whether the current pension age is still appropriate, considering factors like life expectancy, and it is set to be concluded by 2029. The current state pension age of 66 is set to rise to 67 before then, between 2026 and 2028.

Ms Kendall announced that the Pension Commission would also be revived to assess why future pensioners are on track to be poorer than pensioners now.