Secretary of State for Work and Pensions, David Gauke, made the announcement in the House of Commons.

The Department for Work and Pensions published its review into the State Pension age, proposing a new timetable for the rise to 68.

The DWP pledged that no one born on or before 5 April 1970 will see a change to their current proposed State Pension age.

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This move is being brought about to “maintain fairness between generations in line with continuing increases in life expectancy”, the DWP said.

The DWP stated: “Failing to act now in light of compelling evidence of demographic pressures would be irresponsible and place an unfair burden on younger generations. Keeping the State Pension age at 66 would cost over £250 billion more than the government’s preferred timetable by 2045/46.”

Secretary of State for Work and Pensions David Gauke said: “I want Britain to be the best country in the world in which to grow old, where everyone enjoys the dignity and security they deserve in retirement.

“Since 1948 the State Pension has been an important part of society, providing financial security to all in later life. As life expectancy continues to rise and the number of people in receipt of State Pension increases, we need to ensure that we have a fair and sustainable system that is reflective of modern life and protected for future generations.

“Combined with our pension reforms that are helping more people than ever save into a private pension and reducing pensioner poverty to a near record low, these changes will give people the certainty they need to plan ahead for retirement.”