A pensions expert has warned that urgent questions need to be answered by the government about where the cash to fund the State Pension will come from following the government’s decision to cut employees’ National Insurance from 10% to 8% from April.

A quarter (25%) of adults aged 55-64 are unaware of the state pension deferral option despite the fact they will soon be making important retirement choices, according to retirement specialists the Just Group.

New research suggests millions of older pension savers have little idea about what the State Pension is worth - with 40% of 55 to 64-year-olds in the dark about their State Pension forecast.

The UK will have to increase the state pension age to 71 by 2050 to maintain the number of workers per retiree, according to a new report from the International Longevity Centre UK.